|Key XRP resistance levels:||$0.43, $0.48|
|Key XRP support levels:||$0.36, $0.35|
*Price at the time of writing
Ripple Price Long-term Trend: Bearish
Despite the recent decline in the entire crypto, Ripple has continued to stay within a channel range since the cryptocurrency broke out in mid-May. As of now, the XRP market has tested the lower boundary of the channel after a massive drop from $0.5 high.
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The XRP price is now trading around the $0.39 level. The 3rd best performing cryptocurrency currently holds a market cap valuation of $16.5 billion with a trading volume approximately $1.5 billion. The past 15 days trading has brought a price drop of about 30% from its yearly high.
From the daily Stochastic RSI, we can see that the market is now oversold as a result of selling pressure in the market. If the indicator can manage to show a bullish cross over, we can expect the market to rise to immediate resistance at $0.43 and $0.48 levels. However, the last 24-hours trading has been in favor of the bulls.
If the bears resume pressure in the market, the XRP market is likely to retest the $0.38 area. A further pressure might set a break-down to $0.36 – $0.35 area. The daily RSI is now aiming the oversold territory, following the bearish scenario in the market. On a long-term outlook, we can still say the Ripple XRP market is bearish.
Ripple Price Medium-term Trend: Bearish
As we can see the bigger picture on the medium-term structure, XRP saw a rapid price drop over the past few days after making a double-top pattern around the $0.49, which led to the current low at $0.375. Meanwhile, the XRP trading followed a descending channel after the serious dip to around $0.39 on June 27.
Yesterday, Ripple tested the upper channel boundary as the price now heads low to the $0.375, near the lower channel boundary. If the market manages to drop below the channel boundary, we may see a new low at around $0.36 and $0.35 area.
However, the 4-hours RSI is retesting the 50 level, which is a strong resistance level. A break-up is likely to send the market back to retest the $0.41, where the upper trend line lies, before a possible break to $0.42 and $0.43 resistance. As suggested on the 4-hours Stochastic RSI, the XRP market could further fall to potential support.
Ripple Price Short-term Trend: Bearish
Ripple is gradually locking up the trend lines as the market nears a tight angle. The bears are gaining control of the market. As the market follows a downward movement, we can expect close support at the $0.38 and $0.37 levels, respecting the lower trend line. Breaking these mentioned levels could slump the market to $0.35.
However, the hourly RSI is currently revealed on the 50 level. If the market can find support on the RSI 50 level, we can expect the price of XRP to rise to $0.41. A further rise could send the market to $0.43 and above. On the hourly Stochastic RSI, the XRP market is gradually showing a positive move.