XRP/USD sees a glimpse of hope but it’s still facing a long-term trendline resistance

July 7, 2020 John Ripple 0

  • XRP/USD is up 5% in the last 24 hours after a significant bull move.
  • XRP’s long-term is still dull as the digital asset is still trading below an important daily trendline.

XRP has been one of the weakest cryptocurrencies for the past year, losing a lot of market dominance and dropping to new lower lows. On July 6, XRP/USD had a significant 8-9% price surge towards $0.189 putting the digital asset inside a daily uptrend. Unfortunately, there is a long-term trendline formed on the daily chart that will act as a strong resistance level in the near future. 

XRP/USD daily chart

XRP is currently in a daily uptrend and it’s consolidating. Bulls are defending the 26-EMA support level established at $0.1846. The next resistance level is found at $0.19 and $0.1987 as well as the $0.20 psychological level.

XRP/USD 4-hour chart

xrpusd

Really healthy consolidation on the 4-hour chart with bulls defending the 12-EMA two times in a row and bouncing up.