Ripple (XRP) Heads Back to Key Support Level with a Possible Rebound

• A short-term bullish trend is eroding for the XRP/USD on the 4-hour chart, but the price of native Ripple coin got rejected at $0.265 resistance level.
• Technical indicators are revealing a retracement movement as the price drops to nearby support levels.

The price of Ripple (XRP) has continued to demonstrate a sign of weakness across its markets. Against Bitcoin, the trend is still perpetually looking bearish on the long-term, priced at around 00002540 BTC. Meanwhile, the 3rd largest cryptocurrency is witnessing a bullish drive against USD for the past 18 days.

Now, the Ripple’s XRP market is down by 0.98% – reflecting a slight price drop in the market. The fall might become heavy if the bearish action continues.

XRP’s Current Statistics

Trading Price: $0.257

Market Capitalization: $10,929,766,941

Trading Volume: $882,263,820

Key Resistance Levels: $0.263, $0.266, $0.27

Key Support Levels: $0.254, $0.251, $246

Ripple Price Prediction for September 16, 2019

On September 14, Ripple (XRP) was rejected at $0.265 after seeing a two days price influx from $0.25. Now, the market is falling back to the lower boundary of the channel – forming for the past two weeks now.

The closest support to keep an eye on is the $0.2554, $0.251, and potentially $0.246. A further drive below the channel pattern will lead to severe bearish phase.

If the $0.25 support can suppress the ongoing selling pressure, we can expect the price to bounce back. For now, the nearest resistance for the market is $0.263, $0.266, and $0.27. As it appeared on the 4-hour chart, there’s no sign of a decisive move at the moment. However, the XRP/USD pair is slowly rising on the daily chart with a bullish divergence signal.

Conclusively

Now that Ripple’s XRP is moving bullishly on short-term outlook, we can expect the trend to keep advancing higher if the price actions can remain inside channel boundary. A channel breakout could give strength to the market bullishly or lead the market in a bearish scenario if the price continues to fades.

Technical Indicator Reading

The RSI for XRP has nosedive sharply due to the current bearish action in the market. It may fall to the oversold region if the price drops to $0.25.

The MACD for third-most significant cryptocurrency in the world is conversely turning downward but still showing that the market of native Ripple coin, XRP, is in a bullish trend.

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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