XRP Price Analysis for August 3

XRP Price Analysis for August 3

Bears have seized control over the market, with the majority of coins being in the red zone. Cardano (ADA) is the only exception after spiking 1.42 percent.

XRP/USD

Yesterday, the XRP/USD pair tried to fix above the two-hour EMA55, but the bears pushed the price below the moving average at the end of the day.

Tonight, the decline continued to the level of $0.72. In the morning, the correction slowed down, but the pair might still start trading below the $0.70 support level.

On the higher time frame, XRP bounced off the support at $0.70, which means that buyers are not giving up and are ready to save this level.

Respectively, there is a high probability of seeing XRP testing the liquidity zone around $0.74 to gain more power for another move.

According to the daily chart analysis, XRP may break the support at $0.70 as buyers could not seize the opportunity after the false breakout. If that occurs, the next mark where bulls might come back to the game is $0.67 zone.

XRP is trading at $0.71096 at press time.

Source