Key Highlights
- The XRP/USD pair is expected to visit one more downward swing before a reasonable pullback, or bullish bias could be seen.
- The Ripple (XRP)’s major demand zone at $0.24886 remains very strong, and there is a high probability that the price may not breakdown this zone.
- Also, the buyers are focusing more on have a good investment entry point at the above major demand zone. And if this is well defended then, a bullish swing is guaranteed.
XRPUSD Current Statistics
Market price: $0.30819
Market Capitalization: $13,317,834,594
Trading Volume: $890,452,068
Major Supply zones: $0.45, $0.58, $0.80
Major demand zones: $0.15, $0.10, $0.05
Latest News on Ripple
We recently had that Ripple sent an open letter to U.S. regulators dated July 28, 2019, towards this week’s cryptocurrency regulation. The sources added that Brad Garlinghouse, Ripple CEO, requested to Washington to be more emollient about the approach of the coin (and cryptocurrency in general) in the future.
Ripple (XRP) Price Analysis
According to the price action analysis, it’s evident that the bear is expected to drive the market downward for one more bearish swing since the overall trend is downward, and the near term critical confluence demand zone at $0.24886 is a bit far from the current price.
However, the downtrend may turn to uptrend if the above mentioned significant demand zone is bridged and defended by the bulls.
Chart Indicators Reading
The market indicators are also proving there is a need for one more down step for XRPUSD before both the buyers and the sellers could fight the next course of moving out.
The next major demand remains the same as mentioned above, and the next focus of the buyers as a major demand zone remains valid at $0.57519
General Outlook for Ripple (XRP)
The long term general market structure remains bullish, and it is ideal to strictly follow the market trend divergence at any point time for profit maximization.
However, the near term major demand zone for Ripple (XRP) remains very active, as mentioned above, and the bulls will ensure this zone is well defended for bullish resumption.
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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