Connect with us
Active Currencies 11380
Market Cap $1,634,596,749,329.10
Bitcoin Share 50.21%
24h Market Cap Change $-4.56

XRP falters at support level – can bears take advantage?

2min Read

XRP’s dwindling price action after its significant price pump could offer bears an opportunity to flip the momentum.

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • XRP hovered over a key support level, as bears looked to flip the market structure.
  • Market speculators remained hesitant, as evidenced by the tight margin on long/short ratio.

Ripple’s [XRP] price action dwindled from the price high after its favorable ruling as a non-security token. After hitting a 2023 record of $0.940 on 13 July, XRP has twice found the $0.850 resistance a tough obstacle to overcome.

Realistic or not, here’s XRP’s market cap in BTC’s terms

With prices hovering above the $0.680 key support, a break below that level could signal a shift in momentum from bullish to bearish.

Bulls and bears tussle between key price levels

Ripple XRP price chart on dark background with green and red price bars

Source: XRP/USDT on Trading View

Previously, the price correction after XRP’s massive pump on 13 July found some footing at the $0.680 price zone. This allowed for another bullish push. However, the rally met stiff resistance at the $0.850 level with bears taking over strongly to force prices down.

Although the bulls mounted a defense on the first retest of the $0.680 support, the on-chart indicators pointed to a continuation of the bearish trend. The Relative Strength Index (RSI) hovered over neutral 50, despite the slight price push off the support level. This showed a lack of buying pressure at key price levels.

The Moving Average Convergence Divergence (MACD) also posted a bearish crossover on 21 July. Even though the Moving Averages remained above the zero mark, the MACD displayed red bars below the zero level to indicate growing bearish strength.

A break below the $0.680 support could see XRP free-fall toward $0.563. On the other hand, if bulls sustain prices above the support level, buyers could be spurred to attempt another push for the $0.850 resistance level.

Longs and shorts evenly matched

Source: Coinglass

Read Ripple’s [XRP] Price Prediction 2023-24

The tussle on the price charts extended to open contract positions in the futures market. Data from Coinglass on the 12-hour timeframe showed that shorts held a marginal 50.08% share advantage over the longs’ 49.92% share.

The hesitant sentiment by market speculators leaves a window of opportunity for either bears or bulls to take advantage of, based on Bitcoin’s price action.


Saman is a News Editor at AMBCrypto. Her background in History and English expanded on her knack for editing and presenting all sides of a story without bias. With a strong will to learn, Saman is always up for exploring unknown territory, and crypto, with its ever-changing landscape, offers just that.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.