Ripple Price Analysis: XRP Fails to Break Above the $0.7 Resistance

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Ripple vs SEC Case Gone a Little Cold Some XRP Community Wondered if it Behind Closed Doors
Ripple vs SEC Case Gone a Little Cold Some XRP Community Wondered if it Behind Closed Doors

With the token unable to break the $0.7 resistance (20-day moving average), the XRP fell 2% today. It is also struggling to break Bitcoin’s 20-day moving average near 2000 SAT.

XRP Loses all its Weekend Gain After it Fell Below the 20-day Moving Average

XRP loses all its weekend gain after failing to break above the 20-day moving average. Since the beginning of June, XRP has been traded within the price drop channel. However, the cryptocurrency rebounded from the lower bound of the price channel at the end of the month, reaching $0.7 in early July.

Unfortunately, XRP was unable to close the daily candle above $0.7 in July. In addition to the resistance provided by the upper bound of the price channel, the 20-day moving average continues to support resistance there.

In addition, it appears that cryptocurrencies are starting to form a short-term ascending triangle pattern, with the apex of the triangle near the 200-day moving average of $0.72.

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XRP/USD daily chart. Source: TradingView.

XRP/USD Short Term Price Prediction

If the seller falls below the triangle’s support, the initial support is at $ 0.6. This is followed by $ 0.556 (2019 high), $ 0.5 and $ 0.478 (lower bound of the price channel).

On the flip side, the initial resistance is at $ 0.7 (20-day moving average). It is followed by $ 0.72 (200-day moving average), $ 0.781 (bearish 0.236 fib), and $ 0.8282 (2020 high).

The RSI is near the centerline but still below the centerline, suggesting the bears are still in control. The bulls have not maintained momentum since mid-May and the RSI has been bearish since then.

XRP/BTC bulls keep fighting for 2000 SAT

The long battle for the SAT 2000 continues. XRP bounced back from 1660 SAT in late June and bumped into the 20-day moving average of 2000 SAT in early July.

Unfortunately, it has tried to make progress above the 20-day moving average and has so far failed to break the SAT 2000. It also acts in its own ascending triangle pattern, with the top formed at 2000 SAT.

xrpbtc-jul5-min

XRP/BTC daily chart. Source: TradingView.

XRP/BTC Short Term Price Prediction

Looking ahead, the first downside support is at 1900 SAT (July 2020 low). Followed by 1800 SAT, 1660 SAT (downlink 1,618 Fib extension and 200-day moving average) and 1550 SAT (November 2020 low).

On the flip side, the first resistance is at SAT 2000 (20-day moving average). This is followed by 2120 SAT (bearish 0.236 Fib), 2250 SAT (100-day moving average) and 2425 SAT (headed 0.382 Fib and 50-day moving average).

The RSI has also stayed below the midline, suggesting that the market’s bullish momentum is weak.