- The bearish action has made Ripple’s XRP drop by 2.17% over the past 24-hours of trading
- Ripple (XRP) broke the long-term support after a heavy bear surge to $0.22
Unexpectedly, Ripple’s XRP finally broke the long-term demand zone of $0.29 – $0.028 that has been producing support for the market since 2018. The cryptocurrency is now trading around the $0.26 after the sharp fall to $0.022, revisiting the December 2017 low yesterday.
The bearish turn up has continued to position the market in a more significant downward range. However, Ripple (XRP) will continue to decline if the buyers fail to regroup strong. As of now, the bulls are trying to regroup back at $0.30. Currently, the market records 2.17% loss over the past few hours.
Ripple (XRP)’s Current Statistics
Trading Price: $0.26
Market Capitalization: $12,615,569,224
Trading Volume: $825,026,247
Key Resistance Levels: $0.28, $0.29, $0.30
Key Support Levels: $0.24, $0.22, $20
Ripple Price Prediction for August 15, 2019
Yesterday, Ripple’s XRP surged below the $0.28 – $0.29 support-turned-resistance to $0.0245, followed by a quick pullback to the current price level at $0.26. Now, Ripple (XRP) is looking for a retest around the recent break level of $0.28 – $0.29 resistances before resuming the bear rally.
A strong buying pressure may further bring the price to $0.30 resistance. While trading at $0.26, a bearish continuation is likely at the $0.24 and $0.22 supports. A breach could slump the market to $0.020 supports, creating a new low below the falling channel. At the moment, XRP/USD pair is under bearish control.
Conclusively:
Now that the price action has successfully surpassed the long-term support, we can expect the market to continue falling until the XRP/USD pair locates new solid support. We can then expect a bullish move to the key resistance levels. For now, the bears are still gaining control.
Technical Indicator Reading
As we can see, the recent price drop has buried the RSI in the oversold territory which shows a strong bear action in the market
The Stochastic RSI for Ripple’s XRP is currently out of the oversold region, compounding a buying pressure as the buyers manage to 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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