XRP has managed to hold the support at $0.30 and bounce higher. It’s now trading at around $0.3139 after a sharp 26% price drop over the past 30 days.
Ripple remains the third-largest cryptocurrency by market value with a market cap of $13.53 billion. XRP is also showing promising signs against BTC as it attempts to hold above the 3,000 satoshi level.
Looking at the XRP/USD 1-day chart:
- Since our previous XRP/USD analysis, XRP fell further beneath the $0.3177 support and sunk as low as $0.30. The cryptocurrency’s price dropped below $0.30 for a short while but found support at around $0.28 before rising back above the $0.30 level.
- From above: The nearest levels of resistance lie at $0.32, $0.34, and $0.35. If the price climbs above $0.35, higher resistance lies at $0.3610, $0.3670, and $0.3750. The resistance at $0.3750 is bolstered by both the 100-day and 200-day EMAs.
- From below: The nearest levels of support are $0.31 and $0.30. The support at $0.30 is expected to remain strong moving forward, but if not, there is support below at $0.2890, $0.28, $0.2747, and $0.27.
- The trading volume has dropped slightly from June’s levels but remains high relative to the rest of the year.
- The Stochastic RSI recently produced a bullish crossover signal in oversold territory as we wait for the RSI to try and break above 50.
Looking at the XRP/BTC 1-day chart:
- Against Bitcoin, the XRP price hasn’t fallen far beneath 3,000 satoshi, having been supported at around 2,800 sat. XRP has climbed back above 3,000 sat but has met resistance at 3,370 sat.
- From above: If the bulls can break above 3,370 sat, higher resistance lies at 3,500 sat, 3,630 sat, and 4,000 sat. Above 4,000 sat, further resistance lies at 4,377 sat and 4,750 sat, which is further bolstered by the 100-day EMA.
- From below: If the sellers push XRP below 3,000 sat again, we can expect initial support at 2,800 sat and 2,710 sat. Beneath this, further support lies at 2,500 sat, 2,455 sat, 2,200 sat, and 2,000 sat.
- The trading volume has remained quite high during the recent rebound.
- The RSI is currently doing battle with the 50 level as the bulls attempt to take control of the market.