Ripple Facing Support Around $0.65 Price Area – Will Strike Higher?


Ripple has become volatile and corrective, but still sustains over $0.63 to $0.65 support level. Ripple is facing support around $0.65 price area. Will the price strike higher in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s XRP/USD Technical Analysis. 

July 6, 2021, | AtoZ Markets – Ripple is currently trading around $0.66 price area and trying to push downside. After breaking below $0.65 to $0.63 support level last month, the bears pushed the price down and reached $0.52 to $0.50 price area. However, the bears failed to sustain the bearish momentum below $0.52 to $0.50 price area and bounced higher. As per the current price action, the price may face strong support at the uptrend line on the intraday chart in the coming days.

Ripple Facing Support as the Event Level Working Strongly

XRP is currently residing near $0.66 price area and trying to decline further. However, the price also broke below the Bollinger Bands middle band on the intraday chart.

Ripple Facing

Image: XRP 4 Hour Chart

According to the 4-hour chart, Ripple is facing support and currently trading around $0.66 price area. As per the current scenario, if the price bounced upside from the uptrend line with an impulsive bullish candle, the bulls may regain momentum and push the price upward towards $0.78 to $0.80 price area in the coming days. On the contrary, if the price can break below the uptrend line and had an impulsive bearish candle close below $0.65 to $0.63 support area, the bears may push the price down towards $0.52 to $0.50 price area in the process.

Also, the dynamic level of 20 EMA is currently residing above the price. Along with the Bollinger Bands middle band. So, the dynamic level may work as strong resistance to push the price downside. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the days ahead. However, the bulls may regain momentum if the price can break above the dynamic level.

XRP May Decline Further Lower

According to the daily chart, Ripple is facing support, but the bears are still residing on the market. As per the current price action, if the price can break below $0.65 to $0.63 price area with an impulsive daily bearish candle, the bears may continue to push the price lower towards $0.52 to 0.50 price area as a first target. The second target will be $0.42 to $0.40 price area if the price can break below $0.52 to $0.50 support area in the coming days.

Ripple Facing

Image: XRP Daily Chart

Moreover, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may act as strong resistance to push the price down. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.

To conclude, as the overall bias is still bearish, there is a high chance that the bears may continue further downside. An impulsive daily close will help to identify the definite momentum in the coming days. 

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