Key Highlights
- Ripple (XRP) price fell to a new yearly low after price breaks the symmetric triangle
- The coin faces resistance at the $0.29 demand zone in its upward move
- The XRPUSD pair is in the bearish trend zone as the crypto continues its freefall
Current Statistics of Ripple’s XRP
The current price: $0.26
Market Capitalization: $11,441,732,085
Trading Volume: $1,166,393,009
Major supply zones: $0.35, $0.40, $0.50
Major demand zones: $0.25, $0.20, $0.15
Ripple Price Forecast August 21, 2019
On August 14, the bears broke the lower level of the symmetric triangle as Ripple (XRP) fell to a new low at $0.24 demand zone. This was in continuation of the previous trend, which led to the formation of the symmetric triangle. However, there was a price correction, but the bears have taken control of price as the market moves downward.
As the bulls fail to break the $0,29 demand zone, sellers will resume selling, and the market is likely to revisit the previous low. If the bearish pressure continues, the XRP market will reach the lows of $0.22 and $0.24 demand zones. At the demand zone, buyers are likely to emerge if the selling pressure has been exhausted. In this case, traders should identify ‘buy set up’ to initiate long trades.
Chart Indicators Reading
The market is above the 25% range of the Stochastic daily indicator, which indicates that Ripple price is in a bullish momentum or to initiate a large order. The two moving averages are sloping downward, indicating that the market is falling. The cryptocurrency’s current value is below moving averages, which also tells us that price is in the bearish trend zone.
General Outlook for XRP
XRP/USD pair has reached a new low of $0.24 demand zone. The daily Stochastic has indicated that price is above 25% range. This suggests that Ripple price is likely to rise.
If it does traders should initiate long trades in anticipation of a bullish trend. A trader ought to buy low and sell high. On the other hand, if the price action indicates that the market is still a downtrend, traders are to exercise restraint.
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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