XRP price grew as high as $0.40 on July 30 but faced strong resistance and backed down. With that, Ripple fell down to $0.35 on August 10 and found support at this level. Despite that, it failed to surpass $0.39 and remained bearish. By losing the $0.35, XRP fell down to $0.33 and yet again found support. Once again, despite the sudden rally to $0.37, Ripple failed to stabilize. Currently, XRP price is at $0.33.
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XRP Price Action Analysis
Taking a look at the 4-hour chart, we see XRP touching the ceiling at $0.41 on July 30 and turning back down. Subsequently, Ripple had a downward spiral and fell down to $0.33.
At this point, the $0.33 is the first support level for XRP. In case of providing successful support, we can expect Ripple to set on a new rally. For the bullish scenario, the $0/35 on the SMA100 is the first resistance level for the price. With a breakthrough, the $0.36 on the ceiling of the channel will be the next barrier. After that, Ripple can easily climb up to $0.39.
On the other hand, if XRP price fails to surpass $0.35 and loses the $0.33, further correction will follow. For the bearish scenario, the $0.32 is a key support level. In case of losing this level, the $0.30 will be the next support level for Ripple.
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 40.
Resistance levels: XPR`s first resistance level is at $0.35 followed by $0.39, $0.40 and finally $0.42.
Support levels: the first support level is at $0.33, then the $0.32 to $0.30 zone. Then the $0.28 and $0.2750 will follow.
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