XRP: Was the Drop to 0.19 Inevitable?
XRP was held at the $ 0.20 level for a couple of days this week
This price gave the coin’s supporters hope, if not for an upward rally, then for a demonstration of strength. XRP/USD is hovering at $ 0.1921 at the time of writing, as gains above $ 0.20 have been volatile, as has a swing around $ 0.20. The downward movement is supported by the 50th Exponential Moving Average (EMA) in a 4-hour range. Buyers are struggling for-profit to regain control of the $ 0.20 level.
On the other hand, the 21 EMA stands in the way of the price movement. A correction above this moving average could detonate XRP’s trajectory above $ 0.21 in a similar way to how the price began to rally from $ 0.1750 on July 6 to highs above $ 0.21 (July 9). Above the current market value is the resistance of the falling triangle. A move above this triangle is likely to lead to a bullish rally above $ 0.21 and pave the way for a rise above $ 0.25.
We add that this requires the growth of bitcoin, since XRP, like many other coins, closely correlates with the rate of the main cryptocurrency.
The current technical picture continues to deteriorate. The Relative Strength Index (RSI) shows a gradual negative transition to the oversold area. Also, the moving average divergence convergence crossed the middle line, which intensified the selling activity. Obviously, in the short term, price losses will continue. If triangle support collapses, we can expect XRP to drop to the $ 0.19 support level and refresh lower levels
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