XRP/USD Price Is Heading Towards Support Level at $0.24

XRP Weekly Price Analysis – August 12

Further increase in bears’ pressure may decline XRP price to $0.24 and this may extend to $0.20 and $0.17. In case the bulls oppose the price declination at $0.24 support level, it may reverse and increase to target the resistance levels at $0.29, $0.33 and $0.36.

XRP/USD Market

Key Levels:

Resistance levels: $0.29, $0.33, $0.36

Support levels: $0.24, $0.20, $0.17

XRP/USD Long-term Trend: Bearish

The bears opposed the bullish momentum at the resistance level of $0.33. Yesterday, the coin decline with the formation of daily bearish candles; the price has penetrated the support level of $0.29 downside. Yesterday, there was a change in price from $0.2946 to $0.2844; that means the sellers are taking control of the XRP market. It is currently moving towards the support level at $0.24. 

The dynamic support level of 9 periods EMA has been penetrated aiming at 21 periods EMA. Further decrease in price is expected in the XRP market as the Relative Strength Index is falling below 60 levels. Further increase in bears’ pressure may decline XRP price to $0.24 and this may extend to $0.20 and $0.17. In case the bulls oppose the price declination at $0.24 support level, it may reverse and increase to target the resistance levels at $0.29, $0.33 and $0.36.

XRP/USD Medium-term Trend: Bearish

XRP is breaking out of the consolidation zone on the 4-hour chart. The bearish pressure pushes the coin away from $0.29 price level towards the south. More bearish candles are producing and this indicates an increase in the sellers’ pressure. The price is falling towards the demand level of $0.24. Further reduction is highly envisaged.

The price already crossed the 9 periods EMA and 21 periods EMA downside and the trading continues below the two EMAs. The RSI period 14 is above 20 levels with the signal line pointing downside to indicate a further reduction in price targeting $0.24.