XRP short-term Price Analysis: 01 August

Sunday 5 August 2020, 5:25 AM AEST - 3 days ago

Disclaimer: The findings of the following analysis attempt to foresee XRPs price movement over the next 24 hours

Towards the end of July, XRPs price action seemed to come across strong bullish momentum on the charts. While the second quarter of 2020 wasnt very promising for XRP, something evidenced by the crypto dropping a place on CoinMarketCaps list, the uptrend the coin has been on recently has been seen as a welcome change by many.

At press time, XRP was being traded at $0.267, with the cryptocurrency having a market cap of $11.8 billion. Over the past 24 hours, XRPs price was noting a substantial hike of 7.7 percent, with a 24-hour trading volume of $2.2 billion.

XRP 1-hour chart

Source: XRP/USD, TradingView

According to XRPs 1-day chart, the coins price had been stuck in an ascending channel formation since 29 July. However, over the past 24-hours, the price broke out of the formation and contrary to the expected breakout, strong bullish momentum was enabling the coin to surge towards its resistance at $0.269. This price range was last visited in February 2020, with the previous days price movement reminiscent of XRPs early-2020 value.

At press time, the cryptos resistance at $0.269 seemed to be quite a challenging price point for XRP to breach. If the coins price fails to go past the resistance, a price correction can be expected with XRPs trading price moving towards its immediate support at $0.249. There are two more strong points of support that have been tested in the past week at $0.242 and $0.235, and these two levels can help stabilize XRPs price if the bears were to take over.

ca2.jpgSource: XRP/USD, TradingView

A look at XRPs indicators would suggest that the possibility of a minor correction cant be overlooked. The MACD indicator underwent a bullish crossover yesterday, but a reversal may take place if the MACD line and Signal line continue moving towards each other. At press time, the RSI indicator, while in the overbought zone, had started moving in the opposite dir ...

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