XRP/USD Medium-term Trend: Bearish

Resistance Levels: $0.37, $0.38, $ 0.39
Support Levels: $0.36, $0.35, $0.34

Yesterday, August 7th, the XRP price was in a bearish trend. The XRP price broke the support level at $0.43 from the range bound zone. Then price commenced a downward trend to the low of $0.40 before the bearish breakout. The bears took price to the low of $0.36 and this will be the lowest price level since the beginning of the year. Traders are to look out for buy setups to initiate long trades at the end of the price decline.

However, the MACD line and the signal line are below the zero line which indicates a sell signal. In the same vein, the XRP price is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is continuing. Nevertheless, the Relative Strength Index period 14 is level 13 which indicates that the market is oversold suggesting bulls to take control of the market.

XRP/USD Short-term Trend: Bearish

On the 1-hour chart, the price of XRP price is in a bearish trend. The XRP price is below the 12-day EMA and the 26-day EMA which indicates that price is falling. Also, the MACD line and the signal line are below the zero line which indicates a sell signal. If the XRP price downward fall, the support level would be breached.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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