Key Highlights
- XRP price is expected to perform a significant task at a substantial supply zone at $0.38. And if this zone is finally taking out then, we may see bullish breakout towards the next supply zone at $0.55.
- The Ripple market remains bullish since the bears could not break down the major demand zone located at $0.26, and this demand zone remains valid entry for the bull to take over the market.
Ripple (XRP)’s Current Statistics
Market price: $0.33
Market Capitalization: $13,910,069,334
Trading Volume: $1,016,556,886
Major Supply zones: $0.40, $0.50, $0.58
Major demand zones: $0.26, $0.15, $0.1
Ripple XRP 101
Almost everyone in the crypto knows that Ripple Company created the XRP, but the Token can function without the entity due to its shared ledger. The financial institutions have speedily adopted the Coin as the payment settlement infrastructure system due to the payment speed and stability of the technology.
XRP/USD Technical Price Analysis July 22, 2019
The market is now forming a trading method known as “Triple bottom Setup,” and if this setup is sustained, there is a high probability that a bullish breakout may play out successfully towards a major supply zone at $0.55.
However, from the current market price, the bears are planning to take the price back to the major demand zone at $0.26 for a retest. But still, the bulls are well-positioned at this zone to fight the bears not to break down the above-mentioned demand zone. And if the buyers compete well, there is a high possibility that the bulls are likely to win and drag the price to a significant supply zone mentioned above.
Chart Indicators Reading for XRP
The daily chart’s analytical tools are signaling a bullish momentum for XRP/USD, and an uptrend is more likely to occur within the next couple of trading days or so. In lights to the above provide daily analysis, Ripple’s native cryptocurrency may assume a protracted price rally as speculative activities increase.
General Outlook for Ripple (XRP)
The long term overall market structure of XRP/USD is merely bullish, and the uptrend market resumption may be seen within the next few coming trading days. Why? Because the significant major demand zone at $0.26 remains valid for a bullish swing unless the bears push the price below the major demand zone mentioned above.
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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