- Ripple’s XRP rebounds after meeting psychological support at $0.3
- XRP is confirmed bearish following the significant down-surge in the past few days
- Technical indicators are harmful as a more bearish scenario is likely if they slip extremely
After breaking down from the three months channel formation, Ripple’s XRP finally heads down to the old yellow trend line, where the market support is now bolstered. However, the market is likely to break or bounce. While a break could roll the market back to the $0.28 support, a bounce could push price higher to $0.37 – near the channel support boundary.
XRP’s Current Statistics
Trading Price: $0.305096
Market Capitalization: $$13,378,036,144
Trading Volume: $1,290,109,800
Key Resistance Levels: $0.335, $0.35, $0.37
Key Support Levels: $0.30, $0.29, $0.28
Ripple Price Prediction
The market has played exactly to the key support level of $0.3 as we predicted in our previous analysis on XRP, which has at the same time found a bottom on the long-term falling trend-line, drawn in yellow on the daily chart.
Meanwhile, Ripple’s XRP, the 3rd best-performing cryptocurrency behind Ethereum, saw a quick rebound to around $0.311 earlier today after seeing a price gain of 0.45% within a few hours.
Before the bearish surge, earlier last week, the price of XRP was trading within a three months channel boundary formation before the market nose-dived after a hefty supply as the price could no longer contain at the $0.4. The $0.3 is another crucial psychological support for the Ripple coin market to determine the next possible action. However, a break or bounce is imminent.
If the XRP bears manage to surge price below the $0.3 support, the $0.29 and $0.28 are expected to play out in no time, rolling back the market to the 2018 low. More so, we can see that the volume on the daily price chart is decreasing, amounting to the recent downward spiral in the market.
Now that the market has seen a slight rebound, the key resistance levels to keep an eye on lie at $0.335, $0.35 and $0.37, testing the pre-surge area where the channel support boundary is positioned. A bullish break above the mentioned resistances can bring trading back within the channel. But for now, the sellers are in control.
The critical level of $0.3 has acted as strong support for Ripple (XRP), suppressing bearish pressure. We may see a positive reversal to the resistance mentioned above levels. However, if the $0.3 fails to act as support for the market, we can expect a violent break-down to the 2018 lows.
Technical Indicator Reading
MACD is now significant in the negative zone after seeing a clear nose-dive. The cryptocurrency will remain in a bearish zone until the buyers regroup.
RSI has found support at the 30 level following the massive sell-off in the market. Slipping to the oversold area could lead to more severe price fall of Ripple’s native cryptocurrency.
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.