- The native cryptocurrency of Ripple is now changing hands at around $0.26 after seeing a price drop of 0.63% over the past few hours.
- XRP is holding strong above the $0.25 support level and providing the market with a possible bounce back
In our previous Ripple’s XRP analysis, we identified a key support at the $0.25 level and as we can see, the recent retracement move has found the support very controversial to surpass on a short-term.
While holding strong, the price of XRP is likely to continue its bullish trend. However, the cryptocurrency is still looking bearish on a medium-term outlook. A successful breach beneath the $0.25 may lead to a serious bearish sentiment, pulling the market back to the August low.
Ripple’s Current Statistics
Trading Price: $0.26
Market Capitalization: $11,206,892,630
Trading Volume: $1,074,671,767
Key Resistance Levels: $0.265, $0.27, $0.275
Key Support Levels: $0.258, $0.255, $25
Ripple Price Prediction for August 4, 2019
Ripple’s XRP looks bearish on the intraday trading as the market saw a significant correction to the $0.25, which got bounced a few hours ago. We may now consider the $0.265, $0.27 and $0.275 to be the next level of resistance if the bulls power up the market.
We can expect the price to make a bottom at $0.258, $0.255, $0.25 support and below. But as it stands now, it seems the buyers are becoming active. Therefore, a bullish continuation is likely to play out. Regardless of the above, the XRP/USD pair remains in a technical dominant bearish bias on the daily chart.
Conclusively
The bottom line is that once the $0.25 price levels fail to stop acting as solid support for the market; the price of Ripple’s XRP is more likely to fade off to the mid-August low and below.
Technical Indicator Reading
The RSI has now seen a significant fall back after a notable price reduction in Ripple (XRP), which reveals the latest bearish actions.
The Stochastic RSI has seen a price increase to the nearly overbought region, suggesting a current buying 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.
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