XRP has finally shown some signs that it is ready to rebound after increasing by a total of 17% from the low seen 3 days ago. The cryptocurrency is now trading at around $0.2849 after going through a 14% price decline over the past 30 days.
XRP remains the third-largest cryptocurrency with a market cap of $12.21 billion. If the bulls can further the momentum, we should see XRP heading back towards $0.30.
Looking at the XRP/USD 1-Day Chart:
- Since our previous XRP/USD analysis, the support at the $0.2584 level had provided very strong support and held the market. XRP spiked lower into the $0.24 region but this didn’t last long as it has since rebounded and is now trading at a price of $0.2849.
- From above: The nearest level of resistance lies at $0.2890 and $0.29. This is then followed by some very strong resistance at the $0.30 level. If the bulls can continue above $0.30, further resistance lies at $0.3177, $0.325 and $0.3380 (where lies the 100 days EMA).
- From below: The nearest level of support now sits at $0.2811. Beneath this, support can be found at $0.2747, $0.2687, $0.2621, and $0.2584. The support at $0.2584 is expected to hold moving forward.
- The trading volume has increased slightly in August but still remains around the average level.
- The RSI is battling the 50 level. If it can break above it, this will signal that the bulls have taken control over the market momentum which should push XRP back above $0.30 eventually.
Looking at the XRP/BTC 1-Day Chart:
- Against Bitcoin, we can see that XRP has remained relatively stable during August as it remains trapped between 2800 SAT and 2455 SAT. The support at 2455 SAT was strong and prevented the market from slipping over the past 2 weeks.
- From above: If the bulls can break above the resistance at 2800 SAT, further resistance lies at 2893 SAT and 3000 SAT. Above this, resistance can be found at 3200 SAT, 3400 SAT, 3600 SAT, and 3800 SAT (100 days EMA). If the bulls can continue above the 100 days EMA, higher resistance lies at 4000 SAT, 4200 SAT, and 4377 SAT.
- From below: The nearest levels of support lie at 2700 SAT and 2655 SAT. Beneath this, further support is found at 2455 SAT and 2400 SAT. If the sellers break beneath 2400 SAT we will look for more support at 2200 SAT.
- The trading volume has increased over the past week.
- The RSI is also in a battle at the 50 level as the bulls attempt to gain control over the market momentum.
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