- Ripple’s XRP has turned back to the long-term bearish zone following the short-term channel breakdown, yesterday
- The current selling pressure has set the technical indicators to their lowest condition.
In our previous Ripple (XRP) analysis, we saw how the market broke down the 10 days rising channel pattern that marked a weekly high at $0.331 before the rapid roll back to where the 3rd biggest cryptocurrency is now exchanging hands at around $0.307. As we can see, the price action is forming a lower low and lower high pattern in a new channel formation.
Once again, the bears are releasing pressure at the prominent support of $0.30. This time, this support may melt-down if the selling pressure remains heavy. Currently, the XRP trading volume is below $1billion as a result of the current price drop, bringing the market down by 2.1%. However, if Ripple’s XRP can break through the channel, the price could rise back to $0.33. As of now, the bears are in play.
Ripple’s Current Statistics
Trading Price: $0.307
Market Capitalization: $13,258,736,984
Trading Volume: $999,257,357
Key Resistance Levels: $0.31, $0.315, $0.32
Key Support Levels: $0.30, $0.295, $0.29
Ripple Price Prediction for August 7, 2019
As we can see on the hourly chart, a two days swing low has led the Ripple (XRP) market in a descending channel pattern after the $0.315 break, yesterday. A further drop has brought the price actions near the $0.305. As a result of this, the $0.30 could be the next selling target for the bears.
A breakdown may further cause the market to fall at the short-term supports at $0.295 and $0.29 supports. Meanwhile, a retracement is likely at $0.31 resistance before the rally continues. If the market can manage to stay above the $0.31, the trend may reverse to $0.315, $0.32 and above. As it appeared, the lower lows and lower highs pattern is much in play for now,
The Ripple’s XRP bears are back, and we can expect more selling pressure to play out. Especially the recent $12000 rejection of Bitcoin’s price that is creating a surge in the entire crypto market. Once the price becomes a bit stable, the XRP/USD pair may regain bullish momentum. As of now, the $0.30 support remains a selling target.
Technical Indicator Reading
RSI is currently trending low after a two days fall from the overbought zone. Ripple (XRP) will rise back if the 30 level can further provide support for the market.
Stochastic RSI has reached the oversold condition due to the current price drop. If we see a positive cross, the price of Ripple’s XRP could retest the $0.31 resistance.
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.