XRP Down 2%, Failing to Overcome $0.7 Resistance

Today, 5 July, XRP lost 2% of its value. As a result, the altcoin failed to conquer the 20-day moving average ($0.7) resistance. Also, the asset struggles to astound the 20-d moving average of around 2,000 satoshis against BTC.

XRP-USD – XRP Struggles at 20-d MA

• Vital support levels – $0.6, $0.556, and $0.5
• Vital resistance levels – $0.7, $0.72, and $0.781

XRP traded in a declining price channel since the beginning of last month. However, the alternative coin managed to conquer the lower border of the price channel as the month ended, hitting $0.7 at July’s early trading sessions. Keep in mind that the 20-d MA strengthens the resistance at the upper border of the asset’s price channel.

At the moment, it seems like the asset is developing a near-term ascending triangle form with the upper border of the triangle near 200-d MA ($0.72).

XRP/USD Near-Term Price Forecast

For what lies ahead, in case of sellers drop below the triangle’s support, the first support would be at $0.6. Others to follow are the 2019 highs at $0.556, $0.5, and the channel lower border at $0.478.

On the other hand, the initial resistance is at 20-d MA ($0.7). Others to follow are 200-d MA ($0.72), bearish 0.236 Fibonacci ($0.781), and 2020 highs ($0.88282).

The Relative Strength Index remains around the midline but below it, showing bears control. Keep in mind that bulls didn’t show motion since mid-May. For that reason, RSI has been bearish all along.

XRP-BTC – Bull’s Extended Fight at 2,000 SAT

• Vital support level – 1,900 SAT, 1,800SAT, and 1660 SAT.
• Crucial resistance level – 2,000 SAT, 2,120 SAT, and 2250 SAT.

The bulls extend their battle for the 2,000 SAT level. XRP bounced off 1,660 SAT at the last trading days of June, shifting to the 2,000 SAT at 20-d MA at the beginning of July.

The asset did not maintain over the 20-d MA, failing to break the 2,000 SAT at the moment. Also, it trades in an increasing triangle formation, with an upper border at 2,000 SAT.

XRP/BTC Near-Term Price Forecast

On the downside, the pair has its initial support at 1,900 SAT – 2020 July lows. Other following are 1,800 SAT, 200-d MA and declining 1.618 Fibonacci Extension (1,660), and 1,550 SAT.

Alternatively, the initial resistance is at 20-d MA (2,000 SAT). Levels following are the bearish 0.236 Fibonacci (2,120 SAT), 100-d SMA (2250 SAT), and 50-d MA, and bearish 0.382 Fibonacci (2,425).

The RSI shows a weak bullish attitude.