XRP/USD Price Forms Double Top at $0.33, Price Declination Envisaged

XRP Weekly Price Analysis – August 19 

The price has formed a “Double Top” chart pattern and the possibility of price declination is high provided $0.24 level does not hold. In case $0.29 support level holds, the price may break up the $0.33 resistance level and increase to test the $0.36 and $0.39 price level.

XRP/USD Market

Key Levels:

Resistance levels: $0.33, $0.36, $0.39

Support levels: $0.29, $0.24, $0.20

XRP/USD Long-term Trend: Bearish

The bullish force propelled the coin to test the resistance level at $0.33 on August 02. The buyers’ momentum could not break up the resistance level. XRP pulled back to retest the support level at $0.29. The bearish movement was rejected at $0.29 level with the formation of a bullish engulfing candle pattern. The price increases and the resistance level at $0.29 retested the second time on August 17. The coin is declining at the moment trying to break down the $0.29 level. 

The price has formed a “Double Top” chart pattern and the possibility of price declination is high provided $0.24 level does not hold. In case $0.29 support level holds, the price may break up the $0.33 resistance level and increase to test the $0.36 and $0.39 price level. Meanwhile, the Relative Strength Index is bending down at 60 levels indicating that the sellers may dominate the market soon. 

XRP/USD Medium-term Trend: Bearish

On the 4-hour chart, XRP is bearish. The resistance level at $0.33 has been tested twice to form a double top chart pattern. More bearish candles are emerging which indicate an increase in the bears’ pressure. 

The price has penetrated the two EMAs and it is trading below the 9 periods EMA and 21 periods EMA. RSI indicator is operating below 50 levels pointing down to indicate sell signal. The coin may break down the demand level at $0.29 and continue to fall, in which the price level of $0.24 and $0.20 may be tested.