- Ripple price analysis reflects slow erosion in price levels towards lower support
- After recovering 40% from its recent low of $0.5184, XRP recovers slightly overnight
- The XRP coin was rejected at this critical price point and pulled back near the lower support
- The closing price has fallen below the $0.5300 support level
- The XRP/USD could keep falling into lower trading levels
The current price of the coin stands at $0.5300, with an intraday loss outlook. From the charts, there is strong evidence that this coin will likely increase in value. However, the chart also shows a 50-day and 200-day exponential moving average moving towards the price action.
Ripple price analysis shows that there is a significant death cross, luring more sellers into the market. Moreover, the 20-day EMA acts as an excellent dynamic resistance for the price providing multiple shorting opportunities for the traders.
The XRP coin has a pattern called “falling wedge”, which means the price will go up soon when it is in a short downtrend. The pattern usually gives an up breakout that provides an excellent long opportunity in the market.
Ripple price movement in the last 24 hours: XRP emerges from a low of $0.5184
Traders can supplement the traditional pivot levels in their chart with support-resistance levels from the 4-hour time frame, which are likely to show significant strategic overlap. The MACD indicator shows that the seller’s momentum is present in the coin, as both the MACD and signal lines have crossed below the neutral zone.
Furthermore, the lines indicate a bearish crossover suggesting an XRP sell signal for traders according to Ripple price analysis.
The sentiment is bearish for the XRP coin, and as mentioned above, it resonates with a falling wedge pattern. A decisive breakout from the overhead resistance trendline could provide a one-two target pivot because of this.
The price of XRP is not retesting the 78.6 percent Fibonacci level from its price rise before April when it failed to recapture the $0.650 mark and subsequently fell below this level again in mid-May.
XRP/USD 4-hour chart: Ripple hovers near crucial support level
The Ripple price action since the breakdown of a rising wedge pattern on July 1 has been oscillatory, suggesting that the instability in the cryptocurrency market is dictating its decline.
Ripple price analysis shows that the price of XRP is less than where it was at its last close, then the weakness in the price will worsen.
If the cryptocurrency goes below its retracement level, it will make a significant negative impact on its price. Price may be testing the lower edge of a trading range, reinforced by a Death Cross pattern and retracement level according to Ripple price analysis. Or, it is currently hovering less than 18 percent from breaking the 200-week SMA.
It is challenging to craft a compelling bullish narrative with XRP price only 8 percent higher than the June 22 low and the market as bearish, so investors must wait for international settlements token to prove itself before taking bold investment actions.
Ripple price analysis conclusion: All eyes on sellers near the $0.5100 level
XRP has been trading inside a falling price channel since the start of July, and this is evidence that this currency may soon begin to trend upward.
However, at the end of this month’s trading session, the cryptocurrency had bounced from its lowest point in a price channel and risen to $0.5440. Unfortunately, the price of XRP failed to close a daily candle above $0.7000 in July as per Ripple price analysis.
Close to upper channel of price action, the 20-day moving average is delivering adequate support. Additionally, the XRP chart shows emergence of a short-term ascending triangle pattern having a top in the vicinity of $0.7200, where the 200-day moving average resides.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.