The stagnation continues for XRP despite the insignificant 0.5% increase this past week. XRP struggles to claim any ground above the $0.40 level but continues to stay nicely supported at $0.38 where lies the 100 days EMA and 200 days EMA.
Ripple remains the 2nd largest cryptocurrency with a market cap of $16.87 billion. XRP has seen an increase of around 17% over the past 3 months. However, this is lackluster compared to Ethereum’s 76% surge over the same period.
Looking at the XRP/USD 1-Day Chart:
- Since our previous XRP/USD analysis, we can see that even though XRP spiked above the $0.40 level, the coin has still been unsuccessful in closing above that level. We can also see that XRP is strongly supported at the $0.3787 level where lies the 200 days EMA and a 3-month-old rising trend line.
- From above: The nearest level of resistance lies at $0.40. If the bulls can close above $0.40, the next levels of resistance above lie at $0.4235, $0.4376, and $0.46 (where lies the bearish .618 Fib Retracement). Above $0.46, further resistance lies at $0.48 and $0.50.
- From below: The nearest levels of support lie at $0.39 and $0.38. The support around $0.38 is considered substantial due to the combination of the 100 days EMA, 200 days EMA, and a rising trend line all converging here. Below $0.38, further support lies at $0.3670, $0.36, and $0.35.
- The trading volume continues to decline during July.
- The Stochastic RSI has recently produced a bullish crossover signal in oversold territory which is a strong bullish sign. However, the RSI has recently failed to break above the 50 level which shows that the sellers are still in control of the momentum.
Looking at the XRP/BTC 1-Day Chart:
- Against Bitcoin, we can see that XRP continues to struggle and it even created fresh 2019 and 19-month lows at the same time as it dropped beneath the support at 3370 SAT to reach 3195 SAT.
- From above: The nearest level of resistance now lies at 3370 SAT and 3629 SAT. Above this, higher resistance lies at 3666 SAT and 4000 SAT. If the buyers continue above 4000 SAT, the next levels of resistance lie at 4377 SAT, 4500 SAT, 4800 SAT, and 5000 SAT.
- From below: The nearest levels of support now lie at 3100 SAT and 3000 SAT. Beneath 3000 SAT, lower support can be found at 2710 SAT, 2455 SAT, and 2200 SAT.
- The trading volume is diminishing but still remains relatively high compared to the start of the year.
- The RSI remains well below the 50 level to indicate the bears are in control of the market momentum. For XRP/BTC to recover, we will need to see the RSI break above the 50 level.