- The Ripple (XRP) bears are back again, and the market may resume a short-term swing low if the price continues to sell-off.
- The 4.25% loss has turned the market to a severe bearish scenario as the $0.30 may be exposed to another threat.
When Bitcoin’s price drops, altcoins see a double-drop. The price of Ripple’s XRP is now down by 4.25% following the current sell-off, which has caused the market to severe bleeding over the past few hours. As revealed on the price chart, Ripple (XRP) is now correcting loss at around $0.309 after breaking below the $0.315 support, circled in blue.
The ongoing bear surge has now brought the XRP trading below the ten days ascending channel formation. Confirming on the technical indicators, the market has seen a significant drop to the lowest condition. Additionally, the daily chart is likely to close with a bearish engulfing candle as more bleeding is expected in the next few hours.
Ripple’s Current Statistics
Trading Price: $0.309
Market Capitalization: $13,346,352,554
Trading Volume: $1,023,782,654
Key Resistance Levels: $0.315, $0.32, $0.325
Key Support Levels: $0.305, $0.30, $0.295
Ripple Price Forecast August 6, 2019
A look at the hourly chart revealed a channel break for the Ripple’s XRP market as the price actions face the technical support at $0.30. This suggested the sellers are returning to the market with a heavy surge on a medium-term. Currently, the key support level to watch out for lies at $0.305 and $0.30. A further drop may slip price at $0.295 and below.
For a retracement move, the $0.315 resistance is likely to resurface before the rally continues. If the $0.315 could not contain the retracement, the price may further swing to $0.32 and $0.325 resistances, climbing back in the ascending channel pattern. However, the XRP/USD pair is playing bearish on the daily chart.
Conclusively:
Following the daily bearish pin bar, we can expect the Ripple’s XRP market to fall more in the next few days, with a possible roll back to the 2018 low – a controversial demand zone for the market. From a technical standpoint, the bulls may struggle along with the bearish play until sellers lose momentum.
Technical Indicator Reading
RSI has crossed to the oversold territory after a series of surge from the bear sides. Ripple’s XRP may retest the RSI 50 before falling back.
Stochastic RSI for Ripple (XRP) is trading extremely at the oversold region after the latest price drop. The market will continue to remain in the oversold territory until we see a positive move in the 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.
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