Ripple, Theta Network price Analysis: August 6, 2021

By John Isige
Published August 6, 2021 Updated August 6, 2021
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Ripple, Theta Network price Analysis: August 6, 2021

By John Isige
Published August 6, 2021 Updated August 6, 2021
  • Ripple price remains pivotal between $0.75 resistance and $0.7 support.
  • THETA price posts double-digit gains but stops o brushing shoulders with $7.

The cryptocurrency market flipped slightly bullish Friday, but most assets lacked the muscle to keep the uptrends going. For example, Bitcoin climbed above $40,000 but stalled under $42,000. As reported, the bellwether cryptocurrency trades at $40,200 amid the push by the bulls to resume the price action toward $50,000.

Ethereum completed the London hard fork, whereby it rallied close to $2,800. However, the expected gains past $3,000 are still a pipe dream, with the gigantic smart contract token seeking support above $2,700.

Ripple:-

The international remittance token XRP leaped toward $0.75 but traded an intraday high of $0.744. The barrier at $0.75 seems strong enough to keep bullish advances at bay. At writing, Ripple has retreated to $0.73 amid the hunt for formidable higher support.

According to the 12-hour Moving Average Convergence Divergence (MACD) indicator, sellers are slightly in control. Realize that a sell signal appeared as the 12-day EMA crossed under the 26-day EMA, and if sustained, Ripple will keep struggling with recovery toward $0.8.

The Relative Strength Index (RSI) also has a bearish outlook amid its gradual drop from the overbought area to the midline.

It is worth mentioning that XRP is trading above the 100 SMA and the 50 SMA, which can be considered a bullish picture. Besides, as the 50 SMA crosses above the 100 SMA, buyers are likely to cement their position on the market. Hence, a more substantial bid for gains toward $0.8 will surface.

XRP/USD 12-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview

Theta Network:-

Theta Network has outperformed other altcoins to post double-digit gains on Friday. In the last couple of weeks, the token has sustained a bullish outlook while bulls bid for gains above $10. A break above a four-month descending trendline encouraged buyers to flock into the market amid increased confidence in the uptrend.

THETA is exchanging hands at $6.9, moments after suffering rejection at $7. If bulls can throw another jab at this level, there is a higher chance the token will sail through. Note that the MACD has a bullish signal in addition to lifting higher above the mean line.

THETA/USD 12-hour chart

THETA/USD price chart
THETA/USD price chart by Tradingview

It is imperative that bulls close the day above $7 and perhaps crack the resistance at the 200 SMA. However, if push comes to shove, the 100 SMA is in line to prevent losses from extending below $5.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1158 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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