- Price correction keeps Ripple’s XRP intact within the symmetrical triangle as breakout continues to remain in suspense.
- Ripple (XRP) is now heading low after a price reduction of 0.38% which brought the market to a low of $0.308
- The technical indicators have returned downward after the rejection at around $0.32 resistance.
Once again, the Ripple’s XRP market has legged down towards the crucial support at $0.30 after the price was rejected at around the $0.324 level – respecting the symmetrical triangle pattern that was spotted in late July. Currently, the bears appeared to be stepping back into the market.
Meanwhile, some altcoins have seen a slight drop too as Bitcoin, the leading coin, saw a significant break above the $10200. Due to the little drawback in price, the Ripple (XRP) statistics has substantially dropped. Hence, the crypto-asset could possibly break up if the buyers can regroup strongly.
As of now, the market remains indecisive as the $0.30 support continues to stand against bearish pressure. And if the support breaks below the triangle, the market may roll back to the long-term demand zone.
Ripple (XRP)’s Current Statistics
Trading Price: $0.313
Market Capitalization: $13,421,744,496
Trading Volume: $885,731,022
Key Resistance Levels: $0.34, $0.36, $0.39
Key Support Levels: $0.30, $0.29, $0.28
Ripple Price Prediction for August 2, 2013
Ripple’s XRP corrects down by 0.38% since yesterday following a short position that led to the current pricing at around $0.312 due to the sharp rejection at $0.32 area. Now, XRP is falling back to key support at $0.3.
A breach may further decline the price at $0.29 – $0.28 zone. On the daily chart, the 3rd best performing crypto is still looking bearish; although the trend is stylishly waving side-ways, which has turned out to be indecisive on the 4-hour chart.
A bullish regroup may bring back a green momentum to the upside with chances of rising price to $0.33, $0.34 and $0.36. From a technical standpoint, the possibility of a bounce-back lies in the coming trade session as the sellers are currently in charge. On the hourly, the scenario is clearly pictured and significant as price heads lower. Therefore, we can say the XRP/USD is selling at the moment.
Conclusively:
Obviously, XRP stumbles again with a bearish step back. Now that price is falling, the sellers are posing more threat to the $0.30 which is where target lies. However, an eventual break may lead to Ripple’s XRP collapse.
Technical Indicator Reading
RSI has recently seen a quick drop in price with sharply nosedive at the 42 level. XRP will continue to drop if the sellers continue to release pressure.
Stochastic RSI dropped back to the oversold area following the current decline. A reversal is likely if the $0.30 can hold.
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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