With the start of August, the global cryptocurrency market is in the black (today). The current market capitalization is $1.65 trillion. Bitcoin price is currently $41500, and its market share is 47.76 percent, down 1.16 percent from the previous day. To support the broader crypto market, Bitcoin would have to return to $42,500 levels.
Meanwhile, the price of ethereum has pushed the cryptocurrency market higher in the last 24 hours, with traders aiming for $3,000 per ether coin.
XRP Price Analysis
The price of XRP is now down $0.75. In the last 24 hours, it has risen 1.46 percent.
XRP Price is aiming for a sustained breach above the 200-day moving average in order to reclaim $1. At $0.7774, the price of XRP faces key 200-DMA resistance.
Bullish RSI could send the price above the resistance level. In the direction of $1.00, the upside appears to be more enticing. As a result, we anticipate a retracement and a retest of the prior support level next week for XRP/USD.
Ripple has broken through the $0.73 prior swing high and approached the $0.77 mark multiple times in recent days. As a result, a little higher high has been established, indicating that the overall price action structure is becoming increasingly bullish.
According to the current scenario, the first big resistance level is $0.77, followed by $0.79 and $0.82. On the downside, $0.71 serves as a support level, followed by $0.68 and $0.66.
In the direction of $1.00, the upside appears to be more enticing. The 14-day Relative Strength Index (RSI) is barely below the overbought level at 65.96, indicating that the price of XRP has further room to grow.
Ripple’s legal team has filed a fresh court brief, similar to the XRP VS SEC case. Certain SEC members, according to Ripple, have acknowledged a lack of clarity regarding securities regulations.