- The XRP bulls are now turning active after the past weeks of the severe bearish scenario
- Ripple (XRP) is currently constructing a decent nine days rising channel pattern on the hourly time frame.
Over the past weeks, Ripple (XRP) has shown a sign of indecisive as price action remains in the middle of consolidation after an intense bearish scenario that hit the entire crypto market during the July trading.
But recently, the XRP bulls have started to show some commitment to trade. The commitment has led to a current market change of 2.1% gain in the last 24-hours of trading; although, the Ripple’s XRP price is hovering at around $0.327 as of the press time.
Similarly, the $0.30 support has continued to act strong for the past two weeks now. At the moment, the price action remains intact in the channel pattern.
Ripple (XRP)’s Current Statistics
Trading Price: $0.327
Market Capitalization: $14,039,512,645
Trading Volume: $1,132,096,932
Key Resistance Levels: $0.33, $0.34, $0.35
Key Support Levels: $0.32, $0.315, $0.31
Ripple (XRP) Technical Price for August 5, 2013
On the hourly chart, Ripple’s XRP is following a bullish sentiment since late July. Looking at the market, the price action is now carving a rising channel pattern over the past seven days.
The market saw a quick price increase to the $0.33 earlier today before witnessing a slight drop to $0.323. As it appears now, the price action is currently in the middle of a consolidation.
A further drop could pull the market back to $0.32, and $0.315 supports, flooring at the lower boundary of the channel formation. Below this boundary lies the $0.31 support.
However, if the bulls manage to keep powering the market, we may soon find the price at $0.33, $0.34, and $0.35. Now, we can say the bulls seem to be re-entering into the market. In no time, the price may climb back to $0.40 on a short-term bullish trend.
Conclusively:
If the Ripple (XRP) trading can break above the critical resistance at $0.35 conveniently, we may start to consider a short-term bullish move for the market. Otherwise, the market may continue to remain in a long-term consolidation mode.
Technical Indicator Reading
The RSI is now turning downward after the price got rejected twice at the overbought level. We can expect a decent pullback to $0.315 in the next few hours.
The Stochastic RSI for Ripple’s XRP has signaled a bearish cross over. The market is likely to see a selling pressure to the immediate support sooner or later.
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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