- Ripple (XRP) is showing a sign of strength as the market records a price gain of $1.87%.
- The past five days of the bullish move has shaped the XRP trading in an ascending channel pattern
Following the past five days of price movement, Ripple (XRP) is currently up by 1.87%, and the trading volume is back above $1 billion since the market began to demonstrate a positive move in the market. XRP is recorded bullish on the short-term outlook considering the existing trend.
The price surge is indicative of consistent buying in the market. On a long-term trend, Ripple’s XRP remains in a very strong bearish outlook – a pointer that the market is more likely to resume its downward movement as soon as the buyers lose momentum. Nevertheless, the bullish trend is still shaping on the hourly time frame.
Ripple (XRP)’s Current Statistics
Trading Price: $0.26
Market Capitalization: $11,292,707,538
Trading Volume: $1,104,364,525
Key Resistance Levels: $0.265, $0.27, $0.275
Key Support Levels: $0.258, $0.255, $25
Ripple Price Prediction for September 3, 2019
The hourly chart for Ripple’s XRP indicates an ascending channel pattern is shaping and validating a bullish trend. The price of XRP has tested the channel’s upper boundary and now trying to make a pullback to nearby support at $0.258. A further movement may slump the price at $0.255 price level, meeting the channel’s lower boundary. A break below the lower boundary could cause the market to resume bearish trend towards the $0.25 and beyond.
At the time of writing, the price action is still trading intact in the pattern formation of the channel’s boundary. A buy-back formation could make the XRP/USD pair to rise to previous resistance area at $0.265. A bullish rally may allow the $0.27 and $0.275 resistance to come into play. However, the mid-year low of $0.245 has now become critical short-term support for the XRP market.
Conclusively
Looking at the market’s structural pattern, the price of Ripple (XRP) is more likely to keep pacing bullishly within the channel boundary until a breakout is set for the 3rd best-performing cryptocurrency. A channel break-down may lead to the market back in a bearish correction.
Technical Indicator Reading
The RSI indicator for XRP reflected a bullish trend but has sharply nosedive after a meeting a critical level at 70.
The Stochastic oscillator suggests a potential sell signal for Ripple as the price turns downward at the overbought level.
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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