Ripple approaches the apex of the descending triangle as the time for decisions nears while XRP trades sideways with a 0.6% drop over the week. In the latest Ripple XRP price news, we take a closer look at the price that is trapped within the descending triangle for the last five weeks.
XRP struggles to hold the 2070 SAT support as the sellers start to push a new multi-year low. The main support levels for the XRP/USD pair are set at $0.2, $0.192, $0.18, and for the XRP/BTC pair, the support is set at 2050 SAT, the 2020 SAT, and the 2200 SAT. As Ripple approaches the apex of the descending triangle, XRP was trapped there for about five weeks of trading. The coin is approaching the apex where a breakout is expected in either direction. It seems, however, that the XRP price will go down.
XRP is also struggling to pass the 100-days EMA in June as it prevents the coin from going higher. The push beneath the $0.192 will likely start pushing to the $0.16 for XRP. If the sellers push XRP beneath the $0.2 level, the first level of a stronger support will stay at $0.192 which is also the base of the current consolidation pattern. Beneath this level, the support can be found at $0.18 and $0.175. On the other hand, if the buyers push higher and break the resistance and the 100-days EMA, the falling trend line which is the first level of resistance, is located at $0.215. The resistance lies above this level at $0.22 and $0.225.
The RSI has dipped beneath the 50-line to indicate that the sellers are starting to take control over the market momentum. For a positive breakout, the RSI has to break above 50 to show that the buyers are controlling the momentum within the market. XRP against BTC breaks beneath the 2070 support and trades at the 2066 SAT. The 2070 SAT is the multi-year support line that held the market for more than two years. The break below this support could be an indicator that XRP is about to start a fresh drop against Bitcoin which will be headed down to the 1000 SAT again. If the sellers push XRP lower, the first support level is found at the 2050 SAT while the support is also located at 2022 SAT, 2000 SAT, and 1950 SAT.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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