- Ripple (XRP) is attempting to retrace back to the break level, but the buyers’ commitment is still low.
- XRP is still looking bearish, although the RSI indicator has just signaled a bullish move.
After witnessing a massive drop during yesterday’s trading, Ripple (XRP) is now trading beneath the $0.25 price level which has held the market since mid-August. Following the latest price action, XRP trading is currently pinned on new support at $0.23 level. The XRP/USD pair has recovered a bit but is still down by -6.13%; suggesting that the sellers are still much dominant in the market. We can expect more price drop in the next few days.
Ripple (XRP)’s Current Statistics
Trading Price: $0.245
Market Capitalization: $10,605,409,219
Trading Volume: $2,482,904,725
Key Resistance Levels: $0.25, $0.26
Key Support Levels: $0.23, $0.22
Ripple Price Prediction for September 25, 2019
On the 4-hour chart, XRP is looking for a retracement level at the $0.25 – $0.26 support areas that hugely got broken. The bearish trend now becomes more significant following the latest price action. Ripple’s XRP is more likely to meet rejection after testing the above supports, where the wedge’s lower boundary lies.
If the market eventually resumes sell-off now, the market will find immediate support at $0.23 and $0.22 – the currently monthly low before we can consider a further dip. However, the XRP/USD pair has continued to erode bearishly on the daily time frame. A bullish rally will only confirm if the market can climb significantly back above the $0.30.
Conclusively
Having slumped beneath the $0.25, Ripple’s XRP will continue to show weakness in price and fall at support until the market can find a stable level to reinforce bullish run. For now, a new low is yet to be ascertained as the bears remain dominant and active over the past days. We may need to wait for the sellers to exhaust momentum before longing. However, shorting XRP might be the best position for now.
Technical Indicator Reading
RSI has produced a bullish crossover signal, and as we can see, Ripple (XRP) is breaking up the diagonal resistance line (yellow) to show that the market is buying at the moment.
MACD moving averages are still swinging in the negative zone to reveal that the bearish trend is still intact. We can expect a definite buy if the market climbs above the zero level.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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