Ripple price rose to a high of $0.331 on August 5. A downward trend ensued, which intensified on August 6. At the time of writing, the lower price reached was $0.30.
Ripple Price Technical Analysis
Yesterday August 7, the price of Ripple (XRP) was in a bearish trend below the 12 and 26-day Exponential Moving Averages (EMAs). The bears broke below the EMAs to enter a bearish zone. Nevertheless, there was a break below the $0.31 price level. Ripple price broke the $0.3100 level and traded to a new weekly low near $0.30.
In the meantime, the price of Ripple is trading at the $0.30 level and is likely to face resistance at the $0.32 level. On the upside, if the bulls break above the EMAs, the crypto will resume the uptrend towards the $0.33 level. On the other hand, if the bulls fail to break the EMAs, Ripple price could decline below the $0.30 price level. Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
XRPUSD Price Short-term Prediction
As the 1-hour chart shows, XRPUSD price is in a bearish trend. The 12 and 26-day EMAs were trending horizontally but are now pointing southward. Today, August 8, the price of XRPUSD is declining and if the bearish trend persists, the market will decline below the $0.30 price level. Meanwhile, the MACD line and the signal line are above the zero line which indicates a bearish signal.
Resistance Levels – $0.31, $0.31, $0.32
Support Levels – $0.30, $0.30, $0.30
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.