Ripple price continues lower for the third consecutive trading session after the rejection at the 200-day moving average on July 9th. XRPUSD yesterday breached shortly below the 100-day moving average but manage to close above, while today tested the critical support again and managed to bounce. Ripple has failed to capitalize the risk-on sentiment that drives stocks to monthly highs and has retreated back to weekly lows.
The Japanese Government is set to include in its formal economic plan its consideration in a Central Bank Digital Currency (CBDC). The Bank of Japan (BoJ) announced the previous week that it would initiate a Proof of Concept process with the Digital Yen. BOJ is planning to create a digitized Yen to curb the influence of China’s own CBDC development. China is actively testing its DCEP across a range of employees, and even some global companies and organizations.
All major cryptocurrencies are under pressure today. Bitcoin (BTCUSD) is 0.44% lower at 9,2117, Ethereum (ETHUSD) is 0.71% lower at 238.74 while the Litecoin (LTCUSD) is 1.50% lower at 43.21.
Ripple Daily Analysis
Ripple price is 1.05% lower at $0.1968, making fresh weekly lows and testing the 100-day moving average. The recent bullish bias has been cancelled after the rejection at the 200-day moving average. Bears will take control if the price breaks below the 100-day moving average.
On the downside, the first support for Ripple stands at $0.1962 the 100-day moving average and the daily low. The next support for XRPUSD will be met at $0.1925 the 50-day moving average. If XRPUSD breaks below 0.1925, the price could correct further towards the $0.1842 the low from July 8.
On the other side, the immediate resistance for Ripple price stands at $0.1998 the daily high. If Ripple price breaks above $0.1998, the next obstacle will be met at $0.2065 the high from July 13 trading session. A break above 0.2065, might open the way for a move to the next resistance at $0.2089 the 200-day moving average.