- Ripple (XRP) approaches a critical support level at $0.256 coupled with a bearish confirmation on the technical indicators.
- The hourly chart has caught the XRP/USD pair inside a descending channel pattern after a significant upsurge.
The Ripple (XRP) bears are becoming stronger by the day as the $0.24 support continues to bolster over the past few weeks now. Following the recent decisive climb in the crypto market, the XRP/USD pair remains bearish on a medium-term perspective.
While Ripple’s XRP turns bullish against the USD over the past three weeks, the market is flagging bearishly on the hourly chart — although both markets are displaying a bearish outlook on a long-term. However, the Ripple’s XRP has seen an overall price variation of 0.49% over the last 24-hours of trading.
Ripple’s Current Statistics
Trading Price: $0.259
Market Capitalization: $11,175,273,632
Trading Volume: $989,181,161
Key Resistance Levels: $0.262, $0.265, $0.268
Key Support Levels: $0.256, $0.253, $250
Ripple Price Prediction for August 10, 2019
After the September 7 surge, Ripple’s XRP tested the $0.266 resistance level, followed by a bearish flag pattern. While the bulls gain control of the market, the price actions approach the lower boundary of the wedge, looking for nearby supports at the $0.256. Further support may be located at $0.253 and $0.250 if the price breaks below the channel pattern.
However, we may see a bounce back at channel’s lower boundary if the $0.256 support can suppress selling pressure. The potential resistance to watch out for is the $0.262 level. A break-up might lead to a bullish continuation towards $0.265 and $0.268 on the upside. Considering the current trend, Ripple (XRP) is suggested bearish on the hourly time frame.
Conclusively
As we can see, the channel pattern has been acting as a support and resistance line for the market over the past three days now. If the channel’s lower boundary fails to act as support, the XRP market may roll back to the $0.25 price level. On the other hand, a bullish continuation may play out if the channel’s upper boundary fails to act as a resistance level for the market.
Technical Indicator Reading
The Ripple’s XRP price has dropped to 44.10 level on the RSI indicator – reflecting a bearish control in the market.
The last 4 hours of price action has made the XRP/USD to fall to the lowest level of the Stochastic RSI, suggesting exhaustion in bearish momentum.
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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