- XRP/USD pair is likely to continue the downward trend
- Ripple (XRP)’s market might revisit the demand zones at $0.26 and 0.28, soon
- The coin has formed a bearish pennant which indicates that the downward trend is likely to continue
Ripple (XRP) Current Statistics
The current price: $0.29
Market Capitalization: $12,840,385,237
Trading Volume: $1,044,722,076
Major supply zones: $0.34, $0.36, $0.40
Major demand zones: $0.28, $0.26, $0.24
Ripple Native Cryptocurrency, XRP, Price Analysis August 11, 2019
Since on July 20, XRP price was in a range bound move after testing the upper trend line of the bearish pennant. The coin had been ranging above the $0.30 price level. This was the previous low of April 25 where the price was ranging, then it had an upward movement to retest the previous high of $0.0.46.
The bulls were unable to continue its upward move after being resisted on three occasions. The price of Ripple (XRP) fell to it’s present low to form the bearish pennant. The market fell and broke the lower trend line of the bearish pennant to a low at $0.29 price level. The $0.29 support level is holding as the bulls attempt to make an upward move to the previous high.
Ripple (XRP) Chart Indicators Reading
Meanwhile, the market is at the Relative Strength Index level 38 which indicates that the price of Ripple’s XRP is approaching the range-bound zone.
The Exponential Moving Averages are sloping horizontally indicating that price is in a range-bound move. The XRP price is still below the moving averages which indicate that price is likely to fall. The trend lines formed a bearish pennant which indicates that the original bearish trend may likely to continue.
General Outlook for XRP
The XRP price fell to its low at $0.29 but the bearish move has been rejected. From the chart, the $0.29 support level is holding as the bulls made an upward move. If the bulls break above the lower trend line, Ripple (XRP) will resume its bullish trend. On the other hand, if the bearish trend continues, the coin is expected to reach the demand zone at $0.26 and $0.28.
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.