- The XRP market is still indecisive as the market follows a short-term symmetrical triangle pattern
- $0.30 level has continued to support the XRP market for the past 11 days now after a bearish attack
- The price surge is imminent for the market as the $0.40 may be open for an intense buying pressure
The Ripple’s XRP has continued to found reliable support at the $0.3 after witnessing a sudden price drop that hit the entire crypto market, yesterday. The 3rd best performing cryptocurrency has since remained to subdue with choppy price action.
However, the July 20 channel breakout has led Ripple (XRP)‘s market to a new symmetrical triangle pattern with a potential price surge which could cause the market rise if the bulls can gain control. Otherwise, we may see another bearish surge. For now, the XRP/USD pair is indecisive at the moment.
Ripple (XRP)’s Current Statistics
Trading Price: $0.31
Market Capitalization: $13,305,127,866
Trading Volume: $856,729,341
Key Resistance Levels: $0.34, $0.37, $0.40
Key Support Levels: $0.30, $0.29, $0.28
Ripple Price Analysis for July 28, 2019
Despite the rapid shock-wave in the market, the $0.3 support has continued to suppress bearish surge since the market rebounded on July 17. After breaking out of the medium-term descending channel pattern, Ripple’s XRP is now in a range-bound as the price actions carve a short-term symmetrical triangle pattern, marked red on the 4-hour chart.
We can expect a short-term surge in volatility to play out as soon as trading decides in the next direction. From above, the nearest resistances to look out for are $0.34, $0.37 and $0.40. From below, the $0.3, $0.29, and $0.28 may provide supports for the market if the market rolls back.
In the intra-day trading, the XRP/USD pair is still on the downside. The market is likely to turn upward if we can see a clear short-term breakout.
As it stands now, it’s imperative to watch out for a potential break on the symmetrical triangle formation for Ripple (XRP) as the direction of the market is yet unknown. A surge in volatility is likely to play out soon.
Technical Indicator Reading
MACD is currently revealed to be indecisive as the market lies at the horizon of the zero level.
Due to the recent choppy price action of Ripple’s XRP, the RSI is maintaining a side-way movement, now slightly facing down. The price may fall if the indicator significantly nosedive.
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.