XRP/USD Price Loses -0.3%, Further Price Reduction Envisaged

XRP/USD Price Loses -0.3%, Further Price Reduction Envisaged

XRP Weekly Price Analysis – August 10

In case the daily candle closes below the dynamic support level, other support levels can be found at $0.24 and $0.20. On the other side, should the bulls oppose the bearish trend and push up the price, resistance levels will be at $0.33, $0.36 and $0.39.

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 bulls’ momentum is gradually getting exhausted; the coin opened market yesterday at $0.294905 and the market closed at $0.294022. The difference is $0.000884 which means the price had a change of -0.30% reduction in price. The buyers were not able to break up the resistance level of $0.33. The sellers are gaining ground in the XRP market as the daily bearish candle opens today’s market. 

XRP Daily chart, August 10

The price is currently penetrating the support level of $0.29 and the dynamic support level of 9 periods EMA downside. In case the daily candle closes below the dynamic support level, other support levels can be found at $0.24 and $0.20. On the other side, should the bulls oppose the bearish trend and push up the price, resistance levels will be at $0.33, $0.36 and $0.39. Meanwhile, the relative strength indicator is pointing down at 75 levels to indicate a sell signal. 

XRP/USD Medium-term Trend: Bearish

XRP is bearish on the 4-hour chart. Three days ago, the crypto was consolidating at the support level of $0.29. The bears are pushing the price below the two dynamic support levels and $0.29 level at the moment which indicates that the bears are taking over the market soon. The RSI is falling towards the 20 levels; meaning that it may reduce further.

XRP 4-hour chart, August 10

Sell stop order can be placed at $0.27605, Take profit at $0.21362, Stop loss at $0.31241. This signal becomes invalid if it does not trigger within 8 hours.

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