Ripple Price Analysis: XRP Having Hard Times Against BTC, Can It Maintain The $0.4 Level?

Ripple has been suffering in the face of a falling Bitcoin this week, dropping by a total of 17.44% to bring the price back beneath $0.40. At the time of this writing, XRP trades at $0.3989. The cryptocurrency has done very well to hold above support at the 100 days EMA and 200 days EMA. However, it continues to struggle in making any movement above the $0.40 level.

Ripple remains ranked in 3rd place amongst the top cryptocurrency projects with a market cap of around $17 billion. Despite the majority of cryptocurrencies surging over the past 3 months, XRP has only increased by a total of 20% – which is nowhere near Ethereum’s 82% or BNB’s 70% gains.

Looking at the XRP/USD 1-Day Chart:

  • Since our last XRP/USD analysis, we can see that the coin has dropped beneath the previous support at the rising trend line. XRP did well to remain near the $0.40 level as the 100 days EMA and 200 days EMA continue to provide support. 
  • From above: The nearest level of resistance lies at $0.40. Above this, higher resistance is at $0.4235, $0.4380, and $0.46. If the bulls can break above $0.46, higher resistance is located at $0.48 and $0.50. Above $0.50, the next resistance levels are located at $0.5085, $0.52, and $0.5375.
  • From below: The nearest level of support now lies between $0.39 and $0.38. The support in this area is further bolstered by both the 100 days and 200 days EMAs. Beneath $0.38, support lies at $0.36, $0.35, and $0.34.
  • The trading volume remains high but has shown signs of diminishing in July.
  • The Stochastic RSI is currently in oversold territory as we wait for a bullish crossover signal to push the market higher. 

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Looking at the XRP/BTC 1-Day Chart:

  • Against Bitcoin, we can see that XRP fell beneath the 3600 SAT support level to find further support at 3370 SAT which contains the downside 1.414 Fibonacci Extension level. XRP/BTC managed to rebound here but failed to get near 4000 SAT.
  • From above: The nearest level of resistance lies at 3630 SAT and 4000 SAT. If the buyers can break above 4000 SAT, the next levels of resistance lie at 4300 SAT, 4500 SAT, 4800 SAT, and 5000 SAT.
  • From below: The nearest level of support lies at 3370 SAT. Beneath this, additional support is found at 3000 SAT which contains the downside 1.618 Fib Extension. If the selling continues beneath 3000 SAT – lower support lies at 2710 SAT, 2500 SAT, and 2200 SAT.
  • The trading volume remains high but just slightly below the average level.
  • The RSI is well below the 50 level which indicates that the bears are in complete control of the market momentum. To recover in XRP/BTC, we would need to see the RSI climb back above the 50 level.

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