- The Ripple (XRP) bulls have assumed control of the market following the last 24-hours price drop
- A newly symmetrical triangle is formed with a potential breakout lurking around the corner
Ripple (XRP) is showing a sign of weakness over the last 24-hours following the rapid price reduction from $0.27 level. In our previous Ripple’s XRP analysis, we mentioned possible vital levels of resistance at $0.28 and $0.29 with the “surge and squeeze,” which has eventually come into play.
Currently, the price of XRP has dropped back after losing 2.48%. However, the trading volume and market cap have been substantially decreased a bit due to the recent loss. Another thing to note is that Ripple’s XRP is carving a new symmetrical triangle, spotted on the 4-hour chart. This suggests a breakout for the market.
Ripple(XRP)’s Current Statistics
Trading Price: $0.28
Market Capitalization: $11,966,690,915
Trading Volume: $1,228,009,147
Key Resistance Levels: $0.29, $0.3, $0.31
Key Support Levels: $0.26, $0.25, $24
Ripple Price Prediction August 20, 2019
A look at the XRP/USD pair suggests a medium-term bearish trend. Meanwhile, the August 15 sharp recovery at $0.225 low has brought the market back to the $0.29 on a retracement, meeting the triangle’s upper boundary. While roaming, an upsurge could shoot a price at $0.29 and $0.30 resistance before breaking up to $0.31.
Now that the price is testing the triangle’s lower boundary, a bounce is likely. If a break occurs, we can expect a severe bear pressure to $0.26, $0.25 and $0.24 supports. From a technical standpoint, the bulls have assumed control of the market. We can expect a higher price to come into play if the market continues the upsurge.
Conclusively
The six days price variations have stuck trading in a newly symmetrical triangle, and as we can see on the chart, the Ripple (XRP)’s price has reached a tight angle. We can expect a surge in volatility to occur in no time. Let’s see how the market plays out in the next few hours.
Technical Indicator Reading
RSI for Ripple’s XRP has turned downward after facing rejection at the 70 level. The price may rise back if the RSI 50 can bolster as support.
Stochastic RSI oscillator is currently heading south after reaching the overbought zone. We can expect an upward move as soon as the buyers regroup.
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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