- Ripple’s XRP broke beneath the $0.30 price level after recording a -1.01% loss at the moment.
- The XRP bears have stepped back into the market, making the price to roll back to key technical support.
On September 18, Ripple’s XRP established resistance around the $0.033 price zones after a sudden surge in volatility and allowing the market to record about 18% gain in just two days. Meanwhile, the XRP/USD pair is now pulling back to support levels due to selling pressure from the bear sides, causing the market to drop by -1.01% at the moment.
Ripple (XRP)’s Current Statistics
Trading Price: $0.29
Market Capitalization: $12,555,621,430
Trading Volume: $1,699,425,013
Key Resistance Levels: $0.30, $0.31, $0.32
Key Support Levels: $0.28, $0.27, $26
Ripple Price Analysis September 20, 2019
Zooming into the hourly time frame, we can see that is falling back after displaying a green momentum over the past few days. As marked yellow on the chart, Ripple (XRP) just broke the white rising trend line, which was acting as support for the recent bullish move. Now, the $0.28, $0.27 and $0.26 may provide support levels for the market.
The bulls are weak at the moment. If the market returns in their favor, we may see retest at the $0.30 resistance. A climb above the resistance by Ripple’s native cryptocurrency could launch the buyers back in the market, testing the $0.31 and $0.32 resistance. But now, the bears have taken control of the market. Considering the long-term outlook, Ripple’s XRP remains in a dominant bearish bias.
Conclusively
Now that the XRP/USD pair has rolled back beneath the 2019 support at $0.30, especially below the white rising trend line, we need to have a clear climb back above the support before we can confirm another bull-run. Otherwise, the market of native cryptocurrency of Ripple may remain in its perpetual bearish condition.
Technical Indicator Reading
RSI for Ripple’s XRP is slowly approaching the lower band after dropping below the 50 level, although the 30 level is still providing support for the market.
MACD for Ripple has switched back to the negative zone after seeing two days downward range – this shows that the bears are in action.
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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