Ripple Price Analysis, 1 July: XR Turning Bearish

Categories -
ADVERTISEMENT

XRPUSD Dominant Trend: Bearish

Resistance Levels: $0.48, $0.50, $0.52

Support Levels: $0.35, $0.33, $0.31

Ripple Price Analysis

As the 4-hour chart reveals, Ripple price is facing a strong selling interest against the US Dollar, while Bitcoin is trimming gains. XRP price could recover only if it corrects above the $0.45 level. Ripple price failed to hold the key $0.45 support and declined heavily against the US dollar. The price even broke the key $0.43 support level and it is currently trading below $0.40. There is a short term contracting triangle forming with resistance near $0.43 on the hourly chart of the XRP/USD pair. Recently, Bitcoin price started a major correction below $11,000, putting pressure on ripple price below $0.44 against the US Dollar. The XRP/USD pair declined heavily and broke a few important supports near $0.44 and $0.43 levels. There was also a close below the $0.43 level and the 200-day moving average. It opened the doors for more losses and the price declined below $0.42 and $0.41.

XRPUSD Chart
XRPUSD Chart

Moreover, since there is a short term contracting triangle forming with resistance near $0.42 on the hourly chart of the XRP/USD pair and should in case there is an upside break, the $0.44 level may be the next hurdle. If the bulls gain pace above $0.44, the price could start a decent recovery. In the mentioned case, the price could test $0.48 level. Looking at the chart, the Ripple price clearly declined heavily and broke a few key supports near $0.44 and $0.42. Therefore, to start a fresh increase, it must regain the $0.42 and $0.44 levels and later move to the resistance levels of $0.48, $0.50 and $0.52. If not, there are chances of more losses below the $0.40 support. Therefore, if there is a fresh decline below $0.39, the price could resume its slide. Immediate support is at $0.38, below which there is a risk of a downside break below the $0.36 swing low. The next key support is near the $0.35, $0.33 and $0.31 levels, where buyers are likely to emerge. The RSI for XRP/USD is currently moving above level 45.

ADVERTISEMENT
Avatar
Azeez Mustapha
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

Leave a reply

Please enter your comment!
Please enter your name here