The last Friday-Saturday, on 12-13th July 2019, Ripple’s XRP prices recorded a sharp decline below the 0.38 USD and 0.35 USD support levels against the USD. As time passed by during the day, the virtual asset’s price traded close to the 0.3 USD support level.
At present, Ripple (XRP) is correcting higher, forming a new breakout pattern near the 0.332 USD level on the day’s chart of the XRP/USD pair. Although many analysts say the XRP/USD pair could witness an upsurge, the price appreciation is likely to remain capped near the 0.336 USD.
Currently, XRP is under a lot of pressure against the USD and the leading cryptocurrency, Bitcoin. According to careful analysis, XRP prices might soon record a recovery towards the 0.346 USD level before recording price depreciation.
Ripple Price Analysis
So not too long ago, Bitcoin, Ripple, and Ethereum recorded sharp price declines against the US Dollar. Ripple’s native coin’s US Dollar pair, XRP/USD, recorded steep declines below the 0.38 USD and 0.35 USD support levels.
The sharp decline marked the start of more losses below the 0.345 USD support level that followed the pair. Also, the pair’s price depreciated further below the 0.34 USD support level to exchange on a low of 0.3361 USD.
At the time of writing, the Ripple’s XRP prices are trying to fight the losses below the 0.35 USD level. XRP trades at $0.314828 after going up by 0.53% in the last 24 hours.
On its recent market price decline from a high of 0.3968 USD to a low of 0.3461 USD, Ripple USD pair prices broke the 23.6 percent Fibonacci retracement level. Also, on the XRP/USD hourly chart, there seems to be a shrinking triangle forming with resistance at 0.32 USD.
On the other hand, if the downward trend takes a break below the 0.31 support level, experts predict the market price might resume its slide. If the downside break occurs, the market price of the pair might bypass the 0.31 USD to 0.30 USD support levels.
According to our observation, the next critical support level is at the 0.293 USD mark. Alternatively, if an upsurge break occurs, the market price could improve towards the 0.35 USD level despite the likelihood of the price levels facing resistance near the 0.34 USD or 0.346 USD level.
The recent Ripple (XRP) price depreciation from the high of 0.3968 USD to the low of 0.3148 USD that formed the 50 percent Fibonacci retracement level is also close to the 0.30 USD mark. Also, on careful observation, there is a new connecting dismal trend line developing with resistance near the 0.3152 USD mark on the same chart. Ripple’s XRP/USD pair remains at risk for more losses if its price levels stay below the 0.3156 USD and 0.3052 USD levels.
Current Market Information of XRP
At the time of writing, Ripple’s XRP is exchanging hands at $0.314828 with a market capitalization of about 13.5 billion US Dollars. As for the 24-hour volume of the virtual currency, XRP currently stands at about 1.3 billion USD with a circulating supply of about 42 billion XRP coins. At present, XRP yields approximately 5,591.1 percent Return on Investment (ROI). As we write this, Ripple’s native cryptocurrency is down by 90.8% from its all-time high price $3.40.
Technical Pointers
According to the 9-day Moving Average, there was a slight change at two price points where the virtual currency declined from 0.390 USD to 0.340 USD and 0.360 USD to 0.310 USD.
Due to the recent sharp price decline, the MACD of the virtual currency seems to be negative. Ripple’s market price did not do any fairness to its primary support level close to the 0.39 USD mark and almost settled at the 0.30 USD mark.
That manifests a disappointing performance. Ripple’s default cryptocurrency, XRP, is showing selling signals that are meant to encourage investors to sell their XRP investments or have a formula for stopping the losses. Failure for investors in doing this will result in the market dampening their chances of reducing the losses in the current market.
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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