Ripple breaks out from a descending channel in favor of a brief rally testing $0.21.
XRP/USD is in the middle of a retreat from $0.21; all eyes on $0.20 as the formidable support area.
Ripple has tried extremely hard not to be a mundane cryptocurrency in terms of trading in July. First, the fourth-largest altcoin recovered from the losses incurred in June where levels at $0.1690 were refreshed. The price action consistently climbed several barriers in the first week of July but hit a wall marginally above $0.21 in the second week (precisely $0.2119 on July 9). A reversal ensued from this zone, forcing XRP below $0.20. The bearish leg extended, briefly stepping under $0.19.
Over the last seven days, Ripple has engaged forward gears with recovery from the dip under $0.19 sending the price above $0.20. In the last 24 hours, the cryptoasset stepped above $0.21 but this time stopped at $0.2107 (on Coinbase).
In the meantime, XRP/USD is dealing with an increase in seller dominance at $0.21. The price is gaining negative traction towards $0.20. The growing bears’ grip is highlighted by the Relative Strength Index (RSI) as it retreats from the overbought (70). The Moving Average Convergence Divergence (MACD) has also slowed down upward motion within the positive region. However, it still features a bullish divergence which means that buying pressure is still available, at least to some extent.
XRP/USD 4-hour chart
For now, most of the attention and effort in the bullish camp should be channeled towards holding the price above $0.20. This will help avert losses into the $0.19 range as well as protect the gains accrued in the last seven days.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com