XRP Price Analysis – August 6

  • If the XRP price continues its fall, then it will find support at either $0.37 or $0.32.
  • Traders should wait for a bullish breakout before initiating long trades.

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View

XRPUSD Medium-term Trend: Bearish

Supply levels: $0.43, $0.44, $ 0.45                                     

Demand levels: $0.41, $0.40, $0.39  

The XRP price was in a sideways trend last week and was range-bound between the levels of $0.51 and $0.43. However, the support level at $0.43 had been broken on three occasions and each time the price pulled back inside the range-bound zone. Today, the XRP price has continued its fall. If the XRP price continues its fall, then it will find support at either $0.37 or $0.32.

However, traders should wait for a bullish breakout before initiating long trades. Nevertheless, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the XRP price is below the 12-day EMA and the 26-day EMA which indicates that the bearish pressure is continuing.

XRPUSD Short-term Trend: Bearish 

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View

On the 4-hour chart, the XRP price is in a range bound movement but has commenced a downward trend. The XRP price is below the 12-day EMA and the 26-day EMA which indicates that the bearish trend is ongoing. Nevertheless, the Relative Strength Index period 14 is level 40 which indicates that the price is in the range-bound trend zone.         

                                                                                      

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.