Ripple Price Forecast: XRP/USD Crumbling To $0.20 After Hitting $0.21 For The Second Time In July

24 Jul, 2020 Updated 25 Jul, 2022

By John Isige

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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Ripple breaks out from a descending channel in favor of a brief rally testing $0.21.
XRP/USD is in the middle of a retreat from $0.21; all eyes on $0.20 as the formidable support area.

Ripple has tried extremely hard not to be a mundane cryptocurrency in terms of trading in July. First, the fourth-largest altcoin recovered from the losses incurred in June where levels at $0.1690 were refreshed. The price action consistently climbed several barriers in the first week of July but hit a wall marginally above $0.21 in the second week (precisely $0.2119 on July 9). A reversal ensued from this zone, forcing XRP below $0.20. The bearish leg extended, briefly stepping under $0.19.

Over the last seven days, Ripple has engaged forward gears with recovery from the dip under $0.19 sending the price above $0.20. In the last 24 hours, the cryptoasset stepped above $0.21 but this time stopped at $0.2107 (on Coinbase).

In the meantime, XRP/USD is dealing with an increase in seller dominance at $0.21. The price is gaining negative traction towards $0.20. The growing bears’ grip is highlighted by the Relative Strength Index (RSI) as it retreats from the overbought (70). The Moving Average Convergence Divergence (MACD) has also slowed down upward motion within the positive region. However, it still features a bullish divergence which means that buying pressure is still available, at least to some extent.

XRP/USD 4-hour chart

For now, most of the attention and effort in the bullish camp should be channeled towards holding the price above $0.20. This will help avert losses into the $0.19 range as well as protect the gains accrued in the last seven days.

Ripple Intraday Levels

Spot rate: $0.2073

Relative change: 0.0014

Percentage change: 0.72%

Trend: Bearish

Volatility: Low

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.