XRP/USD Technical Analysis, July 22

22.07.2020 13:00:24

Since July 8, the XRP/USD pair has been steadily holding above the $0,19 level. The pair even managed to rise above the 100 Moving Average and the $0,20 level, but failed to gain a foothold there. Having formed a maximum at $0,2115, the pair dropped to the $0,1981 area and is trading here at the time of publication.

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XRP/USD entered a narrow range of $0,1940- $0,2000. And if it manages to rise above $0,2000, it can continue to rise and try to approach the $0,21 level. This could happen in the wake of Bitcoin's rally that has surpassed the $9300 mark.

XRP price is above 100 Moving Average. Also on the 4-hour chart, an uptrend line has formed with support at $0,1950.

The pair is also above the 61% Fibonacci retracement level of the pair's recent growth from $0,1878 low to $0,2020 high. And the $0,1950 support level is near the 50% Fibonacci retracement level of this recent growth. Also, the uptrend line complements the support at this level. Thus, the $0,1950 level should provide enough support for the bulls in the coming sessions.

It is also worth noting that a bullish flag with resistance around $ 0.1995 is forming on the 4 hours chart. If it rises above this level and fixes above $0,20, the XRP/USD pair may continue to rise. In this case, the nearest resistance level will be $0,2030. After the growth above $0,20, a downward correction is not excluded.

In the case of a breakdown of the support level of $0,1950, the XRP/USD pair may return to the $0,19 level.

The RSI and MACD indicators are in the neutral zone.