XRP has been trading in a falling price channel since the beginning of June. However, the coin surged to $0.7 in early July after hitting the bottom of the price channel at the end of June.
Unfortunately, XRP could not stay above $0.7 in July and did not close a day above $0.7. Alongside the resistance exerted by the upper boundary of the price channel, the 20-day MA is making this resistance even stronger.
Additionally, the coin is moving in a triangle pattern, reaching $0.72 as the apex of the triangle. But this ascending triangle pattern is predicted to be a short-term triangle pattern.
XRP/USD Short Term Price Forecast
Looking ahead, if the sellers break below the support of the triangle, the initial support is located at $0.6.
This support is followed by $0.556 (2019 highs), $0.5, and $0.478 (price channel lower bound).
On the other hand, the first resistance point is located at $ 0.7. It is followed by $0.72, $0.781 and $0.8282 (2020 high).
The RSI is close to the midline but still below the line, indicating that the sellers are still in control. Buyers have been unable to maintain any momentum since mid-May and the RSI has been holding its bearish momentum ever since.
XRP/BTC- Buyers continue to struggle at 2000 SAT
The 2000 SAT battle for the bulls is still ongoing. XRP moved to the 20-day MA at 1660 SAT at the end of June.
It has since struggled to gain any ground above the 20-day MA. So far, the 2000 SAT value has not been exceeded. It also trades in its own ascending triangle pattern with the roof created at 2000 SAT.
XRP/BTC Short Term Price Prediction
The first support to the downside in the coming days is at 1900 SAT. (late July 2020).
It is followed by 1800 SAT, 1660 SAT (1,618 downside Fib retracement and 200-day MA) and 1550 SAT (November 2020 lows).
On the other hand, initial resistance is located at 2000 SAT. This is followed by 2120 SAT, 2425 SAT and 2425 SAT.
The RSI is also below the middle line, which indicates weak bullish momentum in the market.