XRP Price Prediction – August 7
XRP/USD is currently correcting higher, but the price remains sell on rallies near $0.300.
Resistance levels: $0.33, $0.35, $0.37
Support levels: $0.26, $0.24, $0.22
XRP/USD recently had a massive drop towards $0.275 after losing the crucial support level of $0.290. However, the bulls are now having a hard time finding support as the move up was simply too steep. XRP/USD has nearly lost all the gains from August 1 but the bulls could attempt to see a bounce in the next positive movement.
What to Expect from Ripple (XRP)
If the Ripple price drops below the $0.28 support level, the pair is likely to locate the $0.27 support, which is the close support level for the bears. A bearish continuation could then bring the market to the critical supports at $0.26, $0.24, and $0.22 respectively.
On the contrary, should the bulls resume an upward trend, the price may likely break out of the channel to hit the potential resistance levels at $0.33, $0.35, and $0.37. Meanwhile, the RSI (14) nosedives below 80-level within the overbought zone. If the price oscillates downward, XRP may fall.
Against Bitcoin, the decline has continued and all support at the 2600 SAT has broken down. The price is set to test 2500 SAT if Bitcoin’s gains continue to impact the XRP price. The bearish scenario remained dominant within the channel as the sellers continued to put pressure on the market.
However, if the sellers occupy their positions, the XRP may drop to the support level of 2300 SAT and below. At present, the RSI (14) is currently trading at above 60-level, this could give the bulls another chance to push the coin above the channel. Any further bullish movement may likely hit the resistance levels at $2800 and above.