- Ripple’s XRP is currently in the middle of consolidating despite the little price increase in the market.
- The long-term outlook is still displaying a bearish trend for the XRP/USD pair.
- Ripple (XRP) is trading in a short-term triangle boundary with a potential breakout signal
So far, the Ripple (XRP) market is now reaching a fragile condition which is most likely to shape and determine the next phase for the market. A price surge is yet to play out on the three weeks symmetrical triangle.
Following yesterday’s sharp rise from $0.30, Ripple’s XRP has seen a somewhat price growth of 2.35%, currently priced at around $0.32; although the price action has remained indecisive (circled yellow on the 4H chart) over the past few hours.
However, XRP is likely to either break or bounce. On the daily outlook, the 3rd ranked cryptocurrency has continued to remain in a bearish condition.
Ripple’s Current Statistics
Trading Price: $0.32
Market Capitalization: $13,727,556,652
Trading Volume: $946,658,674
Key Resistance Levels: $0.34, $0.36, $0.39
Key Support Levels: $0.30, $0.29, $0.28
Ripple Price Analysis for July 31, 2019
Over the past few days, the price actions have continued to pose suspense on the Ripple’s XRP price breakout, which is lurking around the corner as it remains intact in the short-term symmetrical triangle pattern.
As we can see on the 4-hour chart, XRP is displaying a squeeze which signals a big move in the air. Before it played out, we should be on the look for the $0.34, $0.36 and $0.39 for bullish leg up.
For a bearish leg down, the $0.30 support level may hold selling pressure. If the level fails to suppress bear surge, the price of XRP may fall back again to 2018 low. On the daily chart, the market is dominantly bearish bias as it currently remains indecisive.
Both the technical MACD and RSI are still revealed in the bearish zone. Above all, the XRP volume has been significantly low over the past weeks of decline.
While Ripple’s XRP remains indecisive, there’s a need for a break or bounce to determine the possible move for the market. As mentioned above, the support and resistance levels are the key areas we need to consider before for the price break, which is now in suspense.
Technical Indicator Reading
Despite the current squeeze, the RSI for Ripple’s XRP is shooting higher at the overbought level, reflecting a recent price increase in the market. If it can continue to stay above the 50 level, we may experience a price break shortly.
Stochastic RSI has reached the oversold condition, reflecting the current choppy Ripple (XRP) price action in the market. A fall is expected if the indicator signals s bearish cross.
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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