By Billie Harvill
Today sessions saw XRP dropping by almost 6% as the overall market remains in the red territory. As a result, the altcoin crashed below its 2019 surges at $0.556. Against Bitcoin, XRP trends back towards the 200-d MA.
XRP/USD –XRP Rejected At Upper Angle
Vital support levels – $0.5, $0.478, and $0.331.
Vital resistance levels – $0.55, $0.62 and $0.7.
The recent negative market attitude saw XRP shedding 6%, breaking below the 2019 highs at $0.55. Keep in mind that the alternative coin has kept trading in a declining channel since the early weeks of June. The asset struggled to reclaim the channel’s upper angle multiple times but faced rejections over the last week.
Today, the asset plunged beneath a near-term declining wedge created at the first sessions of July. Market analysts expect the coin to trend lower, breaking the upper side of the descending channel.
XRP/USD Near-Term Price Forecast
If sellers continue to dominate the market to push the prices lower, XRP would have its initial massive support at $0.5. Other zones that follow are June lows ($0.478), $0.4, and $0.331. Moreover, added support locates at the 2020 Feb lows at $0.35.
On the other hand, the initial resistance around the 2019 highs at $0.55. The upper angle of the declining channel follows. Meanwhile, the resistance lies around the 20-d MA ($0.62), $0.7, and 50-d MA ($0.72) over the price channel.
The Relative Strength Index (RSI) favors the bearishness as it drops below the midline, showcasing massive bear momentum.
XRP/BTC – XRP Drops Below Symmetrical Triangle
Vital support levels – 1,660 SAT, 1,550, and 1,500 SAT
Vital resistance levels – 1,900 SAT, 2,000 SAT and 2,100 SAT
Against the leading coin, Bitcoin, XRP trade in a symmetrical triangle formation in July’s sessions. However, the coin battled to break the resistance by the 20-d MA at 1,900 since last week.
On Saturday, XRP plunged below the triangle, showing market bearishness. The next substantial support lies near the 200-d MA for now.
XRP/BTC Near-Term Price Forecast
The initial support to the downtrend lies at the 200-d MA& dropping 1.618 Fibonacci extensions (1,600 SAT). Below this, additional support locates at 0.786 Fib (1,365 SAT), 1,500 SAT, and 1,550 SAT.
On the other part, the initial resistance lies at 20-d MA & 2020 July lows (1,900 SAT). Others that follow are the 100-d MA (2,390 SAT), 50-d MA (2,100 SAT), and 2,000 SAT.
The RSI indicator dips below the midline, showing increase bearishness.