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Technical Price Analysis | Ethereum (ETH) and Ripple (XRP)



Last week, Ethereum (ETH) showed some near-term recovery against the US dollar with the ETH/USD pair forming a support base above $200 before showing signs of upside correction. On the other hand, Ripple (XRP) did not perform well last week with prices falling by over 7%, but in Monday’s session, the coin has been rather stable.

Ethereum Price Analysis

For the better part of the week, ETH was trading above the $208 and $216 resistance levels. Additionally, the coin saw a break above the Fib retracement level of 23.1% for the downward movement to a $192 low from the $279 high. Equally, XRP had a break above the main bearish trend line with its resistance nearing $212.

The ETH/USD pair managed to trade above the $200 level but could not go beyond the 100 simple moving averages. Strong resistance was established for Ethereum at the $228 level, which eventually prevented more gains. Rejections were witnessed at the $227 level prior to the price dropping below $220.

Ripple (XRP) Price Analysis

Relative to previous XRP/USD trade plans, each drop presents a buying chance for aggressive investors. However, the condition applies only when the price trend is above $0.30, which is the Q1 2019 support level as well as a crucial reaction point in the first half of 2019. Otherwise, if there is a dip below the mark, all buys should target $0.41.

>> Bitcoin Price: What the Technical Chart Indicates About BTC’s Movement

Since there is limited enthusiasm regarding the coin, conservative traders should wait until there is a break below $0.29 or above $0.41. In the latter case, XRP is expected to surge to $0.48–0.52 and eventually $0.68, thus attracting bulls in a trend continuation stage.

If bears take control, then high trading volumes are expected below the $0.30 meltdown, which will surpass the 50 million reported on July 10. Equally high participation, as well as rejection and support of lower lows at $0.30, will confirm the primary trend for Ripple that defines the bar of the buyers of September last year.

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Ripple Performs Better than Broader Crypto Markets on Technical Support



One of the most interesting cryptocurrencies to have emerged over the past few years has been Ripple (XRP), and it has managed to hold onto its position as the third biggest cryptocurrency by market capitalization. However, it has not had the best year so far, despite threatening to break out more than once. In a new development that will be welcomed by those who hold XRP, the cryptocurrency has managed to outperform the market amidst all the chaos.

XRP Finds Support

While most of the market has been in a downward spiral due to the issues related to Facebook’s Libra, Ripple has managed to find strength amid a buying spree from investors today. The buying spree started at the $0.22 level, and since then it went even higher as it continued to outperform the market significantly.

However, many crypto analysts who are familiar with Ripple and XRP are trying to figure out whether this particular level is XRP’s lower circuit from now on or not. At the end of the day, the level either proves to be the one from which the token can spring to higher levels, or it might not work out that way if the price plunges lower than that at a future date. Despite the current optimism surrounding XRP, it needs to be pointed out that over the past few weeks, the token had been in a downward spiral with a strong bearish pattern taking its price down.

>> Bitcoin Could Rebound if Facebook’s Libra Hearing Goes Well

It is even more indicative of the bearish strength that even though Bitcoin and many other altcoins continued to surge over the past weeks, XRP continued struggling to break out significantly. Some analysts have also stated that the price action that Ripple has experienced over recent days seemed to replicate what continued to happen with Bitcoin and despite outperforming the market today, which remains an issue. In fact, one of the leading crypto analysts on Twitter stated that if there is an intermediate correction in Bitcoin, then XRP could drop to $0.16.

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