Key Highlights
- XRP/USD pair consolidates above the $0.25 demand zone since August 28
- Ripple bulls failed to break the $0.26 demand zone in the last two weeks
- If the price rebounds and breaks the $0.26 resistance zone, XRP will reach the $0.30 supply zone
Ripple (XRP)’s Current Statistics
The current price: $0.25
Market Capitalization: $10,977,415,218
Trading Volume: $845,981,746
Major supply zones: $0.35, $0.40, $0.50
Major demand zones: $0.20, $0.15, $0.10
Ripple (XRP) Price Analysis September 14, 2019
Ripple’s cryptocurrency has continued to consolidate above the $0.25 demand zone after a strong bearish move on August 14. The market had earlier fallen to the low of $0.26 demand zone, but the bears found support at the $0.25 demand zone. The price corrected higher, but it is facing selling pressure at the $0.26 demand zone.
However, if the bulls fail to sustain the XRP price above the $0.26 demand zone, there is a likelihood that the market will be under the control of the bears. In other words, if the bears break the $0.24 or $25 demand zone, Ripple is likely to fall to the low of $0.19 demand zone. Conversely, a rebound at the $0.25 demand zone will push the price to reach the previous high of $0.30 supply zone.
Ripple Technical Indicators Reading
The crypto’s price is currently resisted by the blue line exponential (12-day EMA) moving average. If the bulls break above the EMAs, the market will reach the $0.30 supply zone. Meanwhile, the blue and red lines are sloping southward, indicating that the price is falling.
At the lower trend line, if the bears break the lower trend line, the price will fall to the 1.272 Fibonacci extension level. Nevertheless, if the bulls break the upper trend line, XRP will commence an upward movement. The Relative Strength Index Period 14 level 37 is indicating that the coin is approaching the oversold region.
Conclusion
The Fibonacci tool drawn indicates that Ripple is likely to continue its downward move. The market is expected to fall and reach the 1.272 Fib extension level. In other words, the XRP/USD pair is likely to reach a low of $0.22 demand zone. The RSI indicator and the exponential moving averages have signaled the downward move of Ripple price.
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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