The beginning of August saw a positive swing in the cryptocurrency market as most of the coins showed a rise in price. Some like Bitcoin and Ethereum were able to sustain the momentum and remain in the bullish zone. The same cannot be said about Ripple. Ripple XRP rose at the beginning of the week to $0.3320 from $0.3100. Unfortunately, Ripple was unable to sustain the rise and dipped under bearish pressure.
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Ripple XRP was able to rise above the $0.3250 resistance level and even the 100 hourly SMA. The coin went further to break the $0.3300 resistance level as well. Its momentum was halted by the upper resistance level at $0.3320. The price of Ripple XRP swung high and reached $0.3318 before it began a major decline. The XRP broke the lower support level at $0.3250. This decline brought it below the 50% Fib retracement level of the move upward it made when it moved from $0.3122 to $0.3318. Analysis of the Ripple XRP shows a Ripple price prediction showing bullish support at the $0.3180 support level.
XRP (XRP) Price Today – XRP / USD
The next support is at the $0.3168 level and this represents 76.4% Fib retracement level of the move it made when it went upwards from a low of $0.3122 to a high of $0.3318. The hourly chart shows a bullish trend forming at the support at $0.3160. The support at $0.3160 and $0.3150 are key major support levels. This means that a decline of the XRP below these major support levels could see the price fall back to $0.3100.
On the positive side, there is an initial resistance level at $0.3220 while the main resistance level is close to the $0.3235 level. Above this, the price of Ripple XRP will have to test the resistance level at $0.3300 and $0.3320. Should the XRP make further gains, the price may push towards the next resistance level of $0.3400, pushing the XRP into a comfortable bullish zone.
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Currently, the Ripple XRP is uncharted waters though it is trading near some support levels. These support levels of $0.3180, $0.3160 and $0.3150 are quite important and should the XRP close successful at the $0.3150 level, the XRP may fall into a bearish zone. On the other hand, a push upward could take the XRP above the $0.3220 and $0.3235 levels. This would mean that the XRP could breathe a little and allow bullish pressure to push further.
The hourly MACD shows that the price of XRP was tilted heavily in the bearish zone. Analysts have given a Ripple price prediction of the XRP declining in the next couple of days. Though some researchers are optimistic that the bearish trend would change and see the price of the XRP soar before the end of the year. They have put an XRP price prediction of the coin reaching $0.3400 before the end of the year. The hourly RSI shows a slow correction at the 35 levels. The major support levels are at $0.3180, $0.3160 and $0.3150. The resistance levels remain at $0.3200, $0.3220 and $0.3235.