XRP Price Analysis for July 5
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XRP/USD
The price of XRP has declined by 2% over the last 24 hours.
Image by TradingView
Despite today’s fall, the rate of XRP keeps looking bearish as it is returning to the recently formed support level at $0.47. If the daily candle closes near it, the decrease will continue to the $0.46-$0.4650 zone tomorrow.
Image by TradingView
On the bigger time frame, the rate of XRP is in the middle of the channel, which means that the altcoin has not accumulated enough energy yet. However, if the bar closes near $0.47 or below it, traders can see a further drop to the nearest support level at $0.45.
Such a scenario is relevant until the end of the week.
Image by TradingView
On the weekly chart, the rate of XRP keeps falling after a failed attempt to fix above the $0.50 mark. Thus, the volume has declined, which means that one should not expect any sharp moves yet. In this regard, sideways trading in the narrow range of $0.47-$0.49 is the more likely price action until mid-July.
XRP is trading at $0.4744 at press time.
