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. 

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.

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.