Ripple XRP price analysis reveals that the XRP price is holding above the strong support at 0.30 dollars. However, situations seem dire against Bitcoin as the cryptocurrency is en route to creating fresh yearly lows.
XRP is the third-largest cryptocurrency after Bitcoin and Ethereum with the market capitalization of over thirteen and a half billion dollars ($13.58 B).
XRP‘s price has dropped from 0.322 dollars but remains above the key support of 0.30 dollars. The price action has now entered a symmetrical triangle pattern across the short-term charts.
Although this is a consolidation pattern all indicators are suggesting a breakdown is likely to take over. However, as this is only visible on the short-term charts a sideways move may invalidate it all.
If the price breaks above the 0.3177 dollar resistance further resistance lies at 0.03317 dollars then at 0.35 dollars. The 100 and 200 days estimated moving average align with resistance at 0.36 dollars.
On the other hand, if price falls below the support of the triangle next support lies at 0.30 dollars. Beneath that support can be found at 0.2890 and 0.28 dollars.
Meanwhile, the trading volume has been decreasing since mid-June and has since shown no signs of recovery.
The relative strength index (RSI) remains below the 50 levels and has had three failed attempts at breaking above. Moreover, the stochastic RSI crossed on bearish indicating overbought conditions that suggest a breakdown below.
Things are much worse against Bitcoin as the price of XRP fell from 3370 satoshis (SAT) to 2962 SAT. The current resistance lies at 3000 SAT and further above at 3370 SAT, and then at 3630 SAT.
On the other hand, if the price falls below 2990 SAT and then at 2846 SAT. Further supports lie at 2710 SAT and 2455 SAT.
The trading volume has been decreasing since mid-July. Both the RSI and the Stochastic RSI have crossed over to bears with the RSI below 50 levels.