logo

Ripple XRP price analysis: XRP price struggling against BTC

ripple xrp price analysis

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 price is on a downhill as its price has fallen by more than 20% across the last thirty days. XRP is trading at 0.31163 dollars at the time of writing.

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.

Ripple XRP price analysis: XRP price struggling against BTC 1Ripple XRP price chart by Trading View

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.

Ripple XRP price analysis: XRP price struggling against BTC 2Ripple XRP price chart by Trading View

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.

Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

Related News

Hot Stories

Dogecoin price analysis: DOGE swiftly drops 10 percent, higher local low set?
Aave price analysis: AAVE/USD prices slip below $104.21 as market conditions turn bearish
Why learn blockchain, Defi, and crypto technology at a top university?
What is Replay Attack? Possible impacts on your Ethereum NFTs & precaution
How to Buy Shiba Inu: What's Popular about SHIB

Follow Us

Industry News

Why learn blockchain, Defi, and crypto technology at a top university?
Best Twitter thread of the day - August 17th
Top tweets of the day - August 17th
New York Court rules in favor of Celsius Network to sell mined Bitcoin. More sell pressure?
All you need to know about Dogechain, an L2 DeFi solution for DOGE users