XRPUSD Price Analysis – August 6
Ripple is strengthening itself to surmount the barrier at 0.7630. It has placed the 10th consecutive daily candle below the level in an attempt to break through it. This comes after price rebounded from the 0.5200 support upwards. The coin continued upwards in a gradual manner till the 28th of July when bulls jacked up the market with more than a 20% price increase. This upsurge pumped the market directly below the 0.7630 resistance.
Significant Zone
Resistance Zones: 0.7630, 0.0640
Support Zones: 0.5200, 0.2580
XRPUSD Long Term Trend: Ranging
After the forceful push-up in price to below 0.7630, it was predicted that the coin would break through it easily, but that was not the case. Instead, the weekly resistance has remained unyielding. It has thus far denied any of the latest 10 daily candles any passage through it whatsoever. This was also the case early last month when Ripple slumped from above 0.7630 as support. Price began strengthening itself to recover above the support, but its bullish power gradually faded away.
This second time of retesting 0.7630, Ripple looks far more determined to break through after strengthening itself by aligning 10 daily candles below the price level. The RSI (Relative Strength Index) shows the bullish intention behind the movement of the coin. Its signal line has not fallen below the 57 mark for the past 10 trading days. The Parabolic SAR (Stop and Reverse) extends this duration by having 12 dots below the daily candles.
On the 4-hour chart, a false break out happened on the first day of August. From there, price should have fallen all the way, but the 50% Fibonacci level seems to be strengthening the coin to make another foray upwards. This is reflected in the RSI chart. The signal line fell below the 57 mark where it has been trading, but XRP has now pushed itself back above it.
Bulls just have a couple of days to try to break this 0.7630 weekly support, else the 50% Fib level might not sustain it for much longer. This means that 0.5200 is on the cards again.
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