- Ripple’s XRP continues to fall in a channel formation following the week’s earlier price drop from the $0.33 high
- Today, the market broke the $0.30 support again after a price reduction of 2.79% during the past 24-hours of trading.
Again, Ripple’s XRP has rolled back to the 2018 low after a weekly short opening which now positioned the market in decline. A few hours ago, the price of XRP dropped to the $0.295 support we identified in our previous Ripple’s XRP analysis, which has now become a bounce level for the current swing low movement. Statistically, the trading volume has continued to subdue below $1 billion, leading to the current sell-off in the market.
Since the April 2 surge in volatility, Ripple (XRP) is yet to make a significant move as the market revealed a lack of interest amongst traders due to substantial low volatility. Despite this fact, XRP still remains the 3rd most-traded cryptocurrency behind Ethereum and Bitcoin, the leading coin in the market. As of now, the bears have regained momentum. We should expect more price drop in the coming hours.
Ripple’s Current Statistics
Trading Price: $0.297
Market Capitalization: $12,813,470,127
Trading Volume: $964,077,872
Key Resistance Levels: $0.30, $0.31, $0.32
Key Support Levels: $0.29, $0.28, $27
Ripple Price Technical Analysis for August 9, 2019
On the hourly chart, we can see that XRP/USD pair is maintaining a swing since Monday. Now that the volatility is on the downside, we may need to look out for the next key support for potential sell, which is $0.029 and $0.28. A break at these supports may bring the price to a new low at $0.027.
But as it stands now, the $0.0295 is bolstering the buyers to $0.30 and $0.305 resistances, meeting the channel’s upper boundary. A further build-up may walk the bulls to $0.31 and $0.32. With the current situation of the market, the bulls may suffer more in the bears’ hand. On the daily chart, Ripple’s XRP is still moving sideways after the severe price drop in July.
Now that Ripple (XRP) is under the $0.30 value, we might see a big bear shock if the $0.28 that provided support for the July surge breaks. However, the coin is still looking stable at the moment as we may need to wait for the sell breakout at the $0.28. If the market bounces back above $0.30, we may consider that as a buy signal.
Technical Indicator Reading
The RSI for Ripple’s XRP has fallen to the 30 level after a slight rise from the oversold territory. A bullish climb may set the market on the long move.
Stochastic RSI currently signals a buy for the XRP trading with a positive crossover. It may fall back in the oversold if the bears resume pressure.
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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