Ripple Price Analysis: XRP Bulls Battle To Defend 2020 Highs, These Are The Levels to Watch
XRP/USD – XRP Battling To Defend 2020 Highs
Key Support Levels: $0.828, $0.8, $0.75.
Key Resistance Levels: $0.92, $1.00, $1.05.
Last week, XRP fell beneath an ascending triangle pattern after dropping below $1.00. Over the course of the week, XRP crashed to $0.8 but has battled to close each daily candle above the 2020 high at $0.8282.
It is now struggling to break above the 20-day MA at around $0.92, and this will be the first resistance to overcome as a signal that the bulls are attempting a reversal.
XRP-USD Short Term Price Prediction
Looking ahead, the first level of support lies at $0.8282. This is followed by $0.8, $0.75 (.786 Fib), and $0.7 (200-day MA).
Alternatively, the first resistance lies at $0.92 (20-day MA). This is followed by $1 (100-day MA), $1.05 (bearish .382 Fib), and $1.20 (50-day MA).
The RSI has been consistently beneath the midline throughout June 2021, indicating that the bears are in complete control of the momentum. However, it has not dipped too far beneath the 40 level, which indicates that the bears have failed to increase their momentum so far.
XRP/BTC – Bears Break Beneath May Low-day Closing Price
Key Support Levels: 2200 SAT, 2052 SAT, 1900 SAT.
Key Resistance Levels: 2260 SAT, 2415 SAT, 2500 SAT.
XRP is showing signs of weakness against BTC after breaking beneath the May low-day closing price at 2260 SAT today. A long-term .786 Fib provided this support, and the bulls attempted to defend this level over the weekend.
Since breaking beneath it, XRP dropped as low as 2200 SAT, where it founds support at a short-term .786 Fib.
XRP-BTC Short Term Price Prediction
Looking ahead, if the sellers continue beneath 2200 SAT, the first support lies at 2052 SAT (long term .886 Fib & 100-day MA). This is followed by 1900 SAT (Jul 2020 low) and 1800 SAT (200-day MA).
On the other side, the first resistance lies at 2260 SAT. This is followed by 2415 SAT (bearish .236 Fib), 2500 SAT (20-day MA), and 2662 SAT (bearish .382 Fib & 50-day MA).
The RSI is deep within the bearish territory here, indicating that the sellers are in total control of the market momentum. There is still room to continue further before the market becomes extremely oversold, suggesting prices could continue to decline from here.