XRP Price Analysis – July 10
The Ripple (XRP) bulls hit resistance at $0.205, but the price may likely bounce back if the $0.200 could provide support.
Resistance levels: $0.215, $0.220, $0.225
Support levels: $0.190, $0.185, $0.180
Looking at the daily chart, XRP/USD follows a bullish wedge formation but is now retreating to its lower limit. After falling from $0.2065 today, the price of the XRP is now closer to the $0.199 support, which could offer a rebound level for the next bullish rally. For the past few days, the bearish impulse movement has been suspended. Should the bears exhaust momentum around the $0.195 support level, a bullish continuation is expected to occur.
Meanwhile, if the bears are out of breath around the support area mentioned, a bullish pursuit is expected. However, we should keep an eye on the $0.205 and $0.210 before printing a new high at the resistance levels of $0.215, $0.220, and $0.225. Nevertheless, the XRP bear dictates the pace for the moment in the long term but remains to range on the short-term outlook.
More so, traders should expect a quick buy once the trade reaches the wedge’s support at $0.190. And if the price fails to rebound, then a bearish breakout is likely to trigger more selling opportunity for traders, which might cause the price to touch the low of $0.185 and $0.180 support levels respectively. The stochastic RSI remains within the overbought zone. If the price follows the downward trend, Ripple (XRP) may fall.
Comparing with Bitcoin, the trend of the pair is still looking bullish moving above the 9-day and 21-day moving averages and about to cross the upper boundary of the channel. More so, the bullish continuation may take the price to the resistance levels of 2300 SAT and 2400 SAT respectively.
However, should the bulls failed to hold the price, then it can fall below the channel and the nearest support levels for the coin are 2040 SAT and below. The stochastic RSI is moving within the overbought zone, which may likely give more bullish signals before dropping.