- Ripple’s price is struggling to build the momentum above $0.30 especially after hitting a barrier at $0.3080.
- TRX/USD potential to hold above $0.30 is still intact based on both the RSI and MACD.
Ripple’s fight for gains above $0.30 continues in the second week of August. The price action last week saw XRP/USD rise to highs above $0.32 before hitting a snag at $0.3264. This barrier woke up the bears who started the push for a return to levels under $0.30. XRP/USD refreshed the support at $0.28. Buyer congestion at this level gave the bulls a push above several key levels including $0.29, the 50 SMA, the 100 SMA and eventually $0.30.
XRP/USD also completed the price action above a key descending trendline. This opened the door for gains towards $0.31 but XRP/USD bulls lost steam at $0.3080 (weekly high). A reversal is underway at the time of writing while Ripple is dancing at $0.3015.
Establishing support above $0.30 is the bulls’ top priority. The RSI has slowed down the retreat and is likely to hold above 60. In addition, the MACD is holding above the midline and even features a bullish divergence that highlights the presence of the buyers in the market. Low volume and volatility in Ripple markets also mean that price action will remain limited in the near term.
If declines are to extend under $0.30, support at the 100 SMA ($0.2954), and the 50 SMA at $0.29309 will come in handy. Other lower support areas include at $0.29 and the main support range between $0.27 and $0.28.
XRP/USD 1-hour chart
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