XRP Price Analysis August 4: Price Breaks 2 Week Ascending Channel – XRP price has revived fairly well off its low set in late July. Prices have risen nearly 50% over the past two weeks as XRP struggles to break its major resistance zone of $0.77. Ripple has been battling the SEC over the last 8 months over a lawsuit regarding XRP being sold as a security or not. Despite this, XRP is still trading within the markets averages as other coins have had a lesser revival. The overall market is flashing signs that some type of bull trend is here after months of downtrending.
Over the last 2 weeks, XRP price has formed an ascending channel formation. Within the past day, price has fallen below this channel, breaking the bottom uptrend line. This is a short term bearish scenario as price has already fallen near -5%. At the time of writing, XRP is sitting on its minor support of $0.707.
If this support fails to hold, we can expect price to sweep to the major support of $0.669.
XRP Price Analysis: XRP/USDT 4 Hour Live Chart
Along with the minor support at $0.70 lies the 60MA. This MA has held price above for nearly 2 weeks. Breaking below this MA will surely confirm a short term downtrend is in place. If bulls manage to hold this MA, we should expect XRP to revive back to resistance found at $0.735. In the case XRP price clears this, the real battle for bulls sits at $0.77-$0.80. Breaking over this will launch XRP back to the $0.80-$1.00 range.
A hidden bullish divergence has been shown as the price made a higher low with strength making a lower low. This may indicate a bounce off the 60MA is soon to come.
- RSI: While looking at the RSI, we can see it has just fallen below the 50 value. This is bearish sign unless strength can pull back above in a timely manner.
- MACD: The MACD currently sits at the 0 value. Breaking below this will likely send XRP price further to the downside.
XRP Price Intraday Analysis
- Spot rate: $0.707
- Trend: Bullish
- Volatility: Medium
- Support: $0.707
- Resistance: $0.735
