The declines in the market are far from over in spite of the slight bullish trend that swept across the market on Thursday. Bitcoin (BTC), for example, tested $6,100 yesterday but it lost momentum above $6,300 and is currently seeking support at $6,200. Ethereum (ETH) broke the support at $360 while it is trading at $354 at the time of writing. Bitcoin Cash (BCH) recovered slightly to test the resistance at $600, but instead, is seeking support at $580 due to the bear pressure. A majority of cryptocurrencies are correcting lower as well. That aside, let me continue with the analysis for today.
Ripple Price Analysis
A broader look at the 15-minutes chart for XRP paints a picture of a cryptocurrency that has the will to correct higher but it is held back by the growing selling pressure in the market. Ripple is one of the worst hit digital assets by the ongoing selloff that is most probably driven by investors reaction to the US Security and Exchange Commission (SEC) postponement of the Bitcoin ETF. Experts are calling out to the investors to calm down and think long-term because it could take a while before a crypto ETF is approved. In other news, Bittrex has announced that it will list XRP on August 20.
Back to the analysis, Ripple price bounced off the support at $0.320 towards the end of the trading session yesterday. The uptrend continued today where XRP/USD traded above $0.35, but lack of momentum and a catalyst resulted in a slide that seems unstoppable below the 23.6% Fib retracement level with the previous swing high of $0.357 and a swing low of $0.325.at $0.332.
The next support targets are at $0.330 and $0.320 respectively. The bears seem not to be done yet and Ripple could drop below $0.30 in the medium term unless a reversal occurs and finds support above $0.350. Indicators like the stochastic and the moving averages are sending bear signals. This also means that buyers can find the entry as sellers get exhausted due to the extended declines.
The Founder of Litecoin, Charlie Lee said today on Twitter that a bear market is the best time to work on adoption. He also announced a new feature the company is working on, lite.im, which is an application that will allow holders to send funds by SMS.
Consequently, Litecoin has broken below yesterday’s support at $62.00. It is on the verge of a break down below $60.00. The bullish trend in the morning (GMT) session had LTC/USD trade above $64.00. However, it lost steam shortly after and has embarked on breaking barriers on the downside. The support at $60.00 is vital because a break down into the $50 range is possible with the current bear trend.
On the upside, the immediate supply zone at $62.00 will limit gains, but before that, the trendline resistance must be cleared. Bullish signals from the technical indicators show that buying power is still present while the ultimate resistance on the day is at $64.00.
Augur, on the other hand, has engaged thrust boosters at the time of writing to help it shake off the bear pressure that is crippling cryptocurrencies this week. REP/USD has dropped from trading above $30.00 at the beginning of August only to seek support above $21.00 on August 9. The bearish trendline has continued to limit the upside since the week started.
There is not much to say about this crypto, but buyers must find a support above $22.50. The 50 SMA is preventing movement at 22.9 while the 100 SMA will offer resistance at $23.13, which also coincides with the trendline resistance.