XRP/USD Price May Increase Further to Test $0.36 Level

XRP Weekly Price Analysis – August 03

In case the bulls continue to dominate the XRP/USD market, the price may soar to the resistance at $0.33, $0.36, and $0.39 levels. On the downside, traders should expect the next support levels at $0.29, $0.24, and $0.20.

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: Bullish

XRP/USD is under the bulls’ pressure as the coin rallies to near the resistance level of $0.33. On August 02, it inclines to test the just mentioned level but the level holds the price and it pulled back to retest the $0.29 price level. Observation made on the daily chart; the XRP price is now trying to form a daily Doji candle at $0.29 level. $0.33 price level is likely to revisit in the next few positive moves in case the market continues the up-surge.

The technical indicator RSI (14) moves above 75-level indicates that the market may continue to follow the upward trend. Taking a look at the daily chart, we can see the bulls’ momentum increasing. In case the bulls continue to dominate the XRP/USD market, the price may soar to the resistance at $0.33, $0.36, and $0.39 levels. On the downside, price may find support levels at $0.29, $0.24, and $0.20.

 

XRP/USD Medium-term Trend: bullish

XRP is bullish on the medium-term outlook. The coin performance is becoming higher due to a recurring bullish sentiment which has caused the market to increase greatly. In other words, the price has been inclining for the last few days. The market is currently following the uptrend and the opportunity to place buy trade setup may be available.

Traders may place Buy order at $0.30230, Take profit at $0.39475, Stop loss at $0.24057. This signal becomes invalid if it does not trigger within 8 hours.