Ripple triangle keeps XRP trapped around the $0.2 price range as XRP dropped by 0.6% price increase, still trading in the descending triangle pattern as we are reading furhter in the latest Ripple price news.
Againt Bitcoin, XRP cotinues to struggle trading at the 2-year low level. XRP was relatively static over the past week as it trades sideways through the consoldaition pattern. XRP coin started the month by trying to break the Ripple triangle. However, it was unable to hold the sellers that forced the coin back into consolidation. XRP went on to trade sideways beneath the 100-day EMA once the buyers failed to close each attempt but the $0.20 level provided the stronger support to help the asset during June 2020.
If the buyers break above the upper boundary of the triangle, the first level of the resistance lies at the $0.215 above which the resistance can be found at $0.22 and $0.225. On the other side, if the sellers push lower, the $0.20 prie level could provide a stronger support moving forward. Beneath this support, the level lies at $0.192 and the $0.175. The RSI dropped beneath th 50 line recently which indicated the increasing bearish momentum. If the RSI continues beneath the 50 level, we can expect the bearish momentum to tank the price.
Against Bitcoin, XRP is trading at 2-year lows reached the 2071 SAT. The coin struggled at the lows since mid-may 2020 and any further attempt to push the higehr resutls in the sellers bring the market even lower to 2071 SAT. The buyers are having a hard time to keep XRP above this support but the sellers do penetrated benath there so XRP could be headed to unwind lower. If the bears push beneth the 2017 SAT, the support awaits at 2050 SAT, 2022 SAT and the 1950 SAT. The resistance is located at 2100 SAT and the 2150 SAT. The RSI is beneath 50 to show the bearish momentum within the market. If it continues lower, XRP could be expected to push beneath the 2-year lows.
A successful close above the $0.2075 resistance could open the doors for a bigger upward move while the next major resistance is close to the $0.2140 level above which the bulls could get in an push the price range towards $0.2250. Looking at the downside, there is crucial support forming close to the $0.2000 and the 100 simple moving average. If Ripple fails this support level, there could be a risk of a larger decline. The successful close below the $0.2000 support could lead the price to the $0.1920 support in the near-term.
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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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