What awaits us in the future for Ripple? Will Ripple achieve its goals? In this article, we will look at what actions we expect for Ripple together with you. Now, without wasting time, let’s move on to the detailed Ripple analysis.
Ripple Dropped Below 2019 ATH!
The 6% drop today caused Ripple to drop below $0.55 (2019 high). The popular cryptocurrency XRP, which has been trading within a descending price channel since the beginning of June. Last week, it got rejected multiple times from the resistance of this channel.
Today, Ripple has descended below a short-term falling wedge that was established at the beginning of July. As a result, we can say that there is a high probability that the downtrend will continue until the descending price breaks the upper angle of the channel.
Short Term Price Analysis for Ripple/USDT Parity
Looking ahead, if investors continue to sell, the first strong support is at $0.5. It is followed by $0.478 (June lows), $0.331 and $0.4. Finally, added support is located at $0.35 (February 2020 lows).
On the other hand, the initial resistance is at $0.55 (2019 highs). This was followed by the upper trend of the descending price channel. Finally, resistance lies beyond the price channel at $0.62 (20-days MA), $0.7, and $0.72 (50-days MA).
The RSI is bearish as it drops further below the midline, indicating increasing bearish momentum.
In the chart you saw above, Ripple fell below the symmetrical triangle in XRP/BTC parity.
Against Bitcoin, XRP was trading within a symmetrical triangle pattern for the majority of July. However, over the past week, the coin has struggled to break resistance at 1900 SAT provided by the 20-day MA.
XRP dropped below the triangle on Saturday, indicating the bearish direction for the market. The next major boost. There is the 200-day MA coming from below.
Short Term Price Analysis for Ripple/Bitcoin
Looking ahead, the first support to the downside is at 1660 SAT (200-day MA and 1.618 Fib Extension). At the bottom, there is support for 1550 SAT, 1500 SAT, and 1365 SAT (.786 Fib).
On the other hand, initial resistance is at 1900 SAT (July 2020 low and 20-day MA). It is followed by 2000 SAT, 2100 SAT (50-day MA), and 2390 SAT (100-day MA).
Again, the RSI is falling below the middle line, which indicates increasing bearish momentum in the market.
Note: The information, comments and evaluations contained here are NOT in the Scope of Investment Consultancy. Keep following the SinceCoin.