- The Ripple’s XRP price is ranging between the $0.26 – $0.28 levels over the past few days.
- Ripple (XRP) may establish a new low if the market drops below the channel’s lower boundary.
Over the past weeks, Bitcoin’s pattern has been shaping altcoins’ movement including Ripple’s XRP, which is similarly forming a channel pattern on the hourly chart, although the coin is struggling to surpass the dotted descending line, drawn in yellow from the $0.30 to $0.27 price level and subjecting the market in an indecisive condition.
This suggests that the market is likely to experience a price surge in future trading. An increase in price could allow the XRP market to trade back conveniently in the channel formation. If the price falls, we might witness a massive sell-off in the market as the cryptocurrency may look for a new low.
Ripple (XRP)’s Current Statistics
Trading Price: $0.269
Market Capitalization: $11,554,855,419
Trading Volume: $981,246,679
Key Resistance Levels: $0.28, $0.29, $0.30
Key Support Levels: $0.26, $0.25, $24
Ripple Price Prediction for August 27, 2019
Following the channel pattern, Ripple (XRP) appears bullish on the hourly chart. Over the past seven days, the price action is trading within a tight range of $0.26 – $0.28 zones. Up till now, the market is yet to break these levels.
If a surge in volatility occurs, the price of Ripple’s XRP may rise above the dotted line to $0.28, $0.29 and $0.30 resistance levels. Inversely, the price could fall back at $0.26, $0.25, and $0.24 support levels after breaking the two-weeks channel formation. Meanwhile, the long-term perspective remains in a dominant bearish bias.
Looking at the channel pattern (a bear flag formation), the price action is more likely to continue bearish after facing strong rejection at the descending dotted line. However, if the bulls manage to escape this trap, the $0.30 may be another tough level for the Ripple’s XRP market.
Technical Indicator Reading
The hourly RSI has been maintaining a sideways movement over the past few 48-hours, which shows that the market of Ripple (XRP) is currently in a short-term consolidation mode.
The Stochastic hourly RSI is now reflected in the overbought area as the market compounds for potential selling pressure.
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.