Ripple Price Technical Analysis (August 5): Facing a Lot of Resistance

Ripple XRP Bull Vs Bear

Ripple (XRP)trade is currently trading at $0.3276. When looking at the chart below, we can see that the XRP price has recently broken the resistance level of $0.3232, turning it into support. The next resistance level is at $0.3323.

Although when looking at the bigger picture the price is in a sideways trend, an uptrend will start only after the price closes above $0.350. Taking long position is not suggested at this stage.

Ripple Graph August 5

Dow Theory

According to Dow Theory, XRP is currently during the accumulation phase. This is the phase during which the asset usually finds its base point, and further decline in the price is less likely. This phase is followed by the participation phase.

Ripple Dow Theory August 5

Moving Average

When taking 9 period moving averages (blue) with 21 period moving averages (red), a bullish crossover is seen and the price is moving above the moving average which is a positive signal, indicating that an uptrend might be close.

Ripple Moving Average August 5

Bollinger Bands

Bollinger Bands show no movement as the digital coin’s price is moving between the channels. The upper limit is acting as resistance and the lower band acting as support. The momentum is also giving no indication to any certain direction.

Therefore, it is suggested to wait until the band expands with a positive momentum; the momentum is on the positive side, indicating that the price could go up after a breakout.

Ripple Bollinger Bands August 5

Conclusion

Ripple (XRP)trade is currently trading at $0.3276. Support level is at $0.3232 and resistance level is at $0.3323. Looking at the bigger picture it is recommended not to take long positions at this current price.

It is suggested to wait until the cryptocurrency price closes above $0.350. The midterm target is $0.36. Swing trading can be done using the above-mentioned levels.

Pivot Points

Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 0.2814 0.2912 0.3036 0.3134 0.3258 0.3356 0.3480
Fibonacci 0.2912 0.2997 0.3049 0.3134 0.3219 0.3271 0.3356
Camarilla 0.3098 0.3118 0.3139 0.3134 0.3179 0.3200 0.3220
Woodie’s 0.2826 0.2918 0.3048 0.3140 0.3270 0.3362 0.3492

Technical Indicators

Name Value Action
RSI(14) 43.914 Sell
STOCH(9,6) 22.142 Sell
STOCHRSI(14) 12.437 Oversold
MACD(12,26) -0.008 Sell
ADX(14) 29.534 Buy
Williams %R -81.278 Oversold
CCI(14) -75.9932 Sell
ATR(14) 0.0700 High Volatility
Highs/Lows(14) -0.0145 Sell
Ultimate Oscillator 42.713 Sell
ROC 7.918 Buy
Bull/Bear Power(13) -0.0613 Sell
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