XRP/USD daily chart

XRP/USD daily chart

Gate Trade XRP Saturday, July 4, 2020 971 1

However, the price action has been stuck inside a tight range for the past few days, which suggests that the bulls and the bears are undecided about the next trending move.

 

If the bulls can propel the fourth-ranked cryptocurrency on CoinMarketCap above the descending channel, it will be the first sign that the downtrend might be over. The bears might defend the 50-day SMA ($0.193) aggressively but if the bulls can push the price above it, a trend change is likely.

 

Conversely, if the bears can sink the price below the $0.172205–$0.169012 support zone, the decline can extend to the support line of the channel. A break below the channel is likely to intensify selling resulting in a long liquidation. The next support on the downside is the $0.14–$0.13 zone.