- Ripple (XRP) is now following a falling channel pattern as bearish actions further reflect
- Despite the recent price gains in the crypto space, XRP is correcting loss on a three days decline
- The technical indicators continue to signal a downward movement as bearish play is likely to happen at $0.311
Ripple’s XRP price continues to trend downward following the July 31 price rejection at the $0.323 level. Since then, Bitcoin’s price has been rising after a successfully broking the $10000 resistance-turned-support. Both XRP and BTC movement have been opposite since the beginning of the year 2019.
As of now, the 3rd biggest cryptocurrency is now correcting loss of $0.032% as Bitcoin corrects gains of 2.56%. This scenario is likely to continue until we see a change in the trend of Ripple (XRP) following Bitcoin’s moves. For now, the market remains bearish.
Ripple’s Current Statistics
Trading Price: $0.315
Market Capitalization: $13,534,321,068
Trading Volume: $864,780,283
Key Resistance Levels: $0.318, $0.323, $0.328
Key Support Levels: $0.311, $0.308, $0.305
Ripple Price Prediction for August 3, 2013
Ripple (XRP) is displaying a bull flag pattern on the hourly chart as the price actions approach close support. The bearish leg down has made the market to mark a fresh monthly low at $0.308 during yesterday’s trading.
Now, the buyers have managed to push trade back to $0.315, where price touched the upper channel support. We can expect a fall back to $0.311, $0.308 and $0.305 supports, meeting the lower channel boundary.
If the bull flag pattern eventually plays out, the Ripple’s XRP price may escalate to $0.318, $0.323 and $0.328 resistances. As it appears, there a high chance for the cryptocurrency to go downward than upward, considering the current channel pattern. The long-term outlook is still looking bearish alongside the medium-term.
As the sellers resume back to trading, the XRP/USD pair may fall back again to the $0.28 if the $0.3 level fails to contain selling pressure. Should the $0.3 level hold firmly, the market may bounce higher to look for immediate resistance. Whichever way, we should expect the unexpected as anything is possible in the crypto market.
Technical Indicator Reading for XRP Today
RSI is now revealed above the 50 level after a little price increase that walked the bulls to test the upper channel. The indicator may turn downward if the bears step back in the market.
Stochastic RSI is at the extremely overbought area, signaling a possible decline for the Ripple (XRP) market.
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.