XRP Bulls Are Having A Hard Time Breaking Above $0.30 Despite Solid Uptrend

XRP had a rough start of the year after crashing down to $0.31 from the recent high of $0.405. The digital currency was in a weekly downtrend at the time, a downtrend that continued for a few more weeks.

The digital asset traded as low as $0.285 before picking up some strength in April and broke out of the weekly downtrend with a peak of $0.383, however, this didn’t last long as the bears took over almost immediately crashing XRP down to $0.282 in the following weeks.

This was pretty surprising as most cryptocurrencies at that point were experiencing an extended bull move that didn’t stop like in XRP’s case. It was only around the first half of May that XRP bulls really had a huge breakout, boosting XRP’s price up to $0.478 and $0.51 in the following weeks.

Unfortunately, this move also didn’t last long, less than 2 months later, XRP bearish pressure started to mount up and the bulls couldn’t hold any support levels. XRP crashed down to $0.282 again.

Mirroring the rest of the market, XRP saw another crash on August 12th. XRP has now recovered and it’s trading at $0.297 but is having a hard time breaking above the crucial $0.30 level. The daily chart has been in an uptrend, however, the price has been stagnant around this level.

XRP is trading above both EMAs and the RSI is not overextended but the bulls don’t seem to have enough strength to break above $0.30. This could eventually lead to another crash down to the recent support level of $0.25.

There is currently a diamond pattern formed on the daily chart. The upper line of the pattern has been acting as strong resistance for the bulls.

XRP had a disappointing performance during the whole year and it’s currently facing a negative ROI for the year. Initially, XRP was trading at $0.40 and it is now only trading at $0.29. Bitcoin, for instance, started at $3441 and it’s trading at $9311, a huge positive ROI even after the recent crashes.

Ripple has been facing a lot of lawsuits, most notably the class-action lawsuit claiming that XRP is a security. This uncertainty could have been the cause of fear among investors and the decline in price.