- The price of Ripple’s XRP is down by 0.26%, although the bulls seem to be showing interest
- Ripple (XRP) looks bearish but remains in a consolidation mode following the rapid bounce to $0.26
Yesterday, Ripple (XRP) experienced a violent surge below the long-term support at $0.28, amounting to10% loss and simultaneously led the price to $0.24 low due to the sharp fall in Bitcoin’s price. A few hours later, Ripple’s XRP managed to close trading above the $0.26, and has since positioned the market in a consolidation mode – revealing very low volatility in the market.
Despite that, the Ripple’s XRP is still the 3rd most-traded cryptocurrency in the crypto space. Meanwhile, the price actions remained intact within the descending channel formation. The market may become uglier than better if the buyers fail to show interest.
Ripple (XRP)’s Current Statistics
Trading Price: $0.26
Market Capitalization: $11,274,951,092
Trading Volume: $1,166,188,845
Key Resistance Levels: $0.28, $0.29, $0.30
Key Support Levels: $0.25, $0.24, $23
Ripple Price Prediction August 16, 2019
Ripple’s XRP is moving in a five weeks channel on the 4-hour time frame with a dominant bearish outlook. The current consolidation mode indicates an indecisive market. From a technical standpoint, Ripple (XRP) is more likely to rise than to fall. Still, bear in mind, at times crypto can be unpredicted as price may go either way.
Watching out for the next level of resistance; the $0.28, $0.29 and $0.30 levels seem closer for the bull sides. In the opposite direction, the XRP/USD pair may roll back to $0.25 support if the bears step back in the market. A break at $0.240 could establish a new 2019 low at $0.22 and below. At the time of writing, Ripple’s XRP remains under bearish control on the long-term.
Conclusively
At the moment, the market is accumulating. If we can see an increasing volume coupled with a bullish regroup, the XRP/USD pair will start to correct gain significantly on the upside. Otherwise, the bear pressure will become severe with losses. However, the price of Ripple’s XRP is expected to retest resistance at $0.30 before rally continues.
Technical Indicator Reading
Following yesterday’s sell-off, the RSI for Ripple (XRP) has seen a sharp fall to the oversold territory. A decisive climb might bring back a bullish move.
The Stochastic RSI has suggested a bullish move, but the price action is yet to make a significant move.
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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