XRP/USD Keeps Sinking as Bears Retain Control

Fibo Quantum

XRP Price Analysis – August 22

The Ripple finds comfort above $0.26 after drilling holes in other support areas.

XRP/USD Market

Key Levels:
Supply levels: $0.32, $0.33, $0.34
Demand levels: $0.22, $0.21, $0.20

XRPUSD – Daily Chart

Ripple bears continue to drill holes in the key support areas. The August 19 attempt to correct above $0.3 hurdle has unfortunately failed to gain ground above $0.29. For this reason, the price action that followed was strongly bearish, endangering viable support areas. For the moment, the stock price remains above $0.26, while the immediate upside is capped at $0.27.

However, the Relative Strength Index (RSI) is below 40 and an average decline will suggest that bulls are gaining strength against bears. In addition, it is essential that buyers increase their positions so that the XRP exceeds $0.27 to reach the resistance levels of $0.32, $0.33 and $0.34. On the other hand, we can expect support at $0.22, $0.23 and $0.24 levels.

XRP/BTC Market

Comparing with Bitcoin and according to the chart, the bulls are trying to step back into the market by halting the downward trend. For now, XRP/BTC is showing some promising signs that it could start to make higher highs if it can break above the 21-day moving average. Similarly, from upside, the nearest level of resistance lies at 3000SAT and above this, higher resistance lies at 3200SAT and 3400SAT.

XRPBTC – Daily Chart

Furthermore, from below; the nearest levels of support are 2500SAT and 2400SAT. Beneath 2400SAT, further support lies at 2300SAT. If the price drops further to create a new low, lower support is located at 2200SAT and 2100SAT. The RSI has managed to break above the 40-level recently which shows that the bulls are waking up.

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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