XRP price had support on July 26 at $0.3250 on the trendline and managed to reach $0.40 on July 30. At some point, Ripple touched $0.41 but failed to surpass this level and backed down. With that, the price fell as low as $0.36 on August 10 and bounced back after touching the trendline. Subsequently, XRP price climbed all the way up to $0.40 but faced resistance at that point. Currently, Ripple is trading at $0.37.
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XRP Price Action Analysis
Taking a look at the 4-hour chart, we see Ripple inside an upward channel from the middle of August. With the ceiling at $0.40, XRP hit the top on July 30 and turned back down. On August 10, the price hit the bottom at 0.36 and found support there. With a recovery, XRP managed to climb back but failed to break through $0.40.
Currently, the 0.37 at the bottom of the channel is the first support level for XRP price. In case of a successful support, we can expect Ripple to set on a bull run. For the bullish scenario, the $0.39 is the first resistance level followed closely by $0.42 and $0.44. After that, the $0.50 will be next.
On the other hand, if XRP price fails to surpass $0.39 and loses the $0.37 at the bottom, further decline will follow. For the bearish scenario, the $0.35 is the key support level. Following that, the $0.32 and $0.30 will be the next support levels.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD indicator is on a downward momentum.
RSI: the relative strength index is approximately 50.
Resistance levels: XPR`s first resistance level is at $0.38 followed by $0.40, $0.42 and finally $0.45.
Support levels: the first support level is at $0.35, then the $0.32 to $0.30 zone. Then the $0.28 and $0.2750 will follow.
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