XRP price weekly analysis 11 July: Losses for the week are compounded by low trading volumes
After holding tight for most of the week, XRP took a big hit and is now trading at below $0.45.
- XRP takes a hit as lower support levels are challenged.
- Market volumes remain low, suggesting bears are in control of the market.
- Ripple is making moves to ensure its troubles aren't reflected on XRP.
XRP spent most of the last seven days trading in a narrow band between $0.46 and $0.48. But that ended on Tuesday when the price took a hit and fell below $0.45. It's currently trading between $0.44 and $0.45 as that support level seems to be holding at the moment.
The key resistance level is around the $0.48 mark. The price broke through that position early in the week before market bears exerted their influence, dealing a major smackdown that saw the price fall back to $0.48 before taking another hit.
Trading volumes over 24 hours were higher early in the week, sitting around $310 million before falling back between $200 million and $240 million. That reflects something we're seeing across the board with traders holding back. Most analysts agree these low levels suggest any price breakouts, like the one XRP showed a few days ago, are likely to be short-lived.
That's certainly what Coin Telegraph's analysts believe, saying the third most valuable cryptocurrency by market capitalisation is locked in a "bear grip". It says that if the $0.42 level is broken, we can expect a massive fall all the way into the mid-$0.20 zone.
Interestingly, Global Coin Report says that position, around the $0.25 mark, would achieve a longer term goal that was set last year before the market took off and we saw massive price spikes in January. It says "the token set the long-term objective at the second half of last year to hit the 25-cent mark, which at the moment remains active, a fact that will represent -48% from the actual price or -92% from its highest price of January".
Over the last week Ripple, the company, has been working to let us all know that XRP and Ripple aren't the same. Global Coin Report says that Ripple is facing three lawsuits and scrutiny by the Securities and Exchange Commission in the United States, so this move is positive as it will help XRP avoid being tarred by the same brush as Ripple.
Disclosure: At the time of writing, the author holds BTC, EOS, ETH, XLM, ETN, LTC, ADA and XRP.
- Ethereum may hit AU $19k if it is able to maintain its current path, expert suggests
- Bitcoin price analysis: Technical indicators suggest a new bull run is on the way
- What is Bitcoin’s Taproot upgrade and what does it mean for the network?
- Bitcoin is back above US$40,000 – here’s why
- Expert analysis: Ethereum price up 30% with further gains on the horizon