XRP Price Analysis – August 9

Azeez Mustapha
  • The XRP price is below the EMAs which indicates that the cryptocurrency is falling.
  • If the price retraces and breaks the support level $0.32, the XRP price will fall to the low of  $0.23.

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View

XRPUSD Medium-term Trend: Bearish

Supply levels: $0.35, $0.36, $ 0.37                                      

Demand levels: $0.30, $0.29, $0.28  

Yesterday, the XRP price was still in a downward trend. The bears took the price to the low of $0.32 but the bulls pulled upward to $0.34.

Today, the XRP price is trading at $0.33 after some bullish movement. After the cryptocurrency broke the support level at $0.43, it fell to the low of $0.32. However, the bearish pressure is not over as the indicators show a bearish outlook.

Nevertheless, if the price retraces and breaks the support level at $0.32, the XRP price will fall to the low of $0.23; then the entire bull market will be under a serious threat.

From the daily chart, the MACD line and the signal line are below the zero line which indicates a sell 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 bearish trend. The XRP price is also below the 12-day EMA and the 26-day EMA which indicates that the cryptocurrency is falling. Nevertheless, the Relative Strength Index period 14 is level 23 which indicates that the market is oversold suggesting bulls might take control of the market.         

                                                                                                                                                                                       

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