XRP Price Analysis: XRP Bears Take Control As Price Eyes Fall to Sub $0.60

Published July 8, 2021 | Updated July 8, 2021

Courtesy: Bitcoin.com

XRP Price Analysis: XRP Bears Take Control As Price Eyes Fall to Sub $0.60

  • XRP price falls -15% from weekly high of $0.73
  • Major support of $0.638 must hold to keep price afloat
  • XRP price has been respecting a descending channel for over a month

XRP Price Market Overview

XRP has been one of the weaker alts the last few weeks as price has nearly stayed within a 10 cent range. The SEC lawsuit against Ripple Labs is still dragging on as not much progress has been made. This has created a barrier for many institutions and investors who would like to invest in XRP. Projections for a conclusion on the lawsuit stand around the first quarter of 2022. Many believe once the lawsuit against Ripple Labs is lifted, XRP can see a massive price surge as it is one of the only top 10 coins that has yet to mark a new high this cycle. 

The price of XRP has been respecting a descending channel very well the last 6 weeks. Bulls and Bears have equally defended the top and bottom of this channel (shown in red). Price has spent nearly the last week attempting to break this channel but at the time of writing, it seems it is yet another fail. Major support of XRP comes in around $0.634. If this level fails to hold, XRP will likely revisit lower levels of $0.589 & $0.538.

Read More: XRP Price Analysis->XRP Tries Breakout of 45 Day Falling Wedge, Can it Break $1 Level?

XRP Price Analysis: XRP/USDT 4 Hour Chart

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The 125 MA has flirted with the top trend of the channel for nearly 50 days. This has also acted as a major price barrier that bulls have yet to break through. Once price manages to break this MA along the top trend of the descending channel, we can expect a move to $0.70. If price reaches this major resistance zone of $0.67-$0.70, it must break & hold to start a large revival. If this bull case presents itself, XRP will likely surge to the $0.80 region.

While looking at the MACD, we can see the MA’s have recently broke below the 0 value back into bearish territory. This setup does not look pleasing and may indicate a further drop is coming for XRP. The Stochastic RSI has also visited oversold regions where large price drops occur. This strength must bounce back above the 20 value or XRP will be visit the sub $0.60 region.

XRP Price intraday levels 

  • Spot rate: $0.6355
  • Trend: Neutral
  • Volatility: Medium
  • Support: $0.63
  • Resistance: $0.67
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.
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Domenic CoinGape 64 Articles
Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.
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