XRP Holds Strong at $0.30, Can the Price Break Beneath?

Fibo Quantum

XRP Price Analysis – July 25

Ripple’s XRP price is trading in the green as XRP/USD manages to catch a big after bears were testing a critical support level to the downside.

XRP/USD Market

Key Levels:
Resistance levels: $0.38, $0.40, $0.42
Support levels: $0.23, $0.21, $0.19

XRPUSD – Daily Chart

XRP continues to hold strong at $0.30. This level has supported the market throughout this year 2019 (holding the price not to move beneath it). However, it’s possible that the more this support is tested, the more it’s likely to break. If XRP continues to abuse this $0.30 level, we can expect the price to break beneath it at some point and the potential support levels of $0.23, $0.21 and $0.19 may be tested.

At press time, the price is trading at $0.315 with the weak bullish momentum supported by the slightly positive technical levels. The resistance levels to watch out for are $0.38, $0.40 and $0.42. The Moving Average Convergence Divergence (MACD) at -0.02 has begin to slope gradually upwards. However, the bears will remain in control until a larger divergence to the upside is seen.

XRP/BTC Market

Looking at the XRP/BTC daily chart, trading against Bitcoin, XRP has been slowly moving upward. After bottoming out around 3014SAT level, the price began to slowly ascend and is currently trading around 3245SAT. XRP’s price is now contained within a symmetrical triangle as we wait for the bulls to hopefully push the market higher.

XRPBTC – Daily Chart

Moreover, if the bulls can break above the upper boundary of the triangle, we can expect initial resistance at 3300SAT. Above this, higher resistance lies at 3500SAT and above. From below, if the sellers push the market beneath the lower boundary of the triangle, we can expect support at 3000SAT and beneath 3000SAT, further support lies at 2500SAT and below.

The RSI recently managed to climb above 40, giving a promising sign. However, the Stochastic RSI is in overbought territory and is primed for a bearish crossover signal which would cause the market to drop slightly.

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Azeez M. Mustapha

Azeez M. Mustapha

Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management.
e-mail: azeez@fxtimes.com