Despite the current rise, the $0.25 resistance appears to be a severe level for the native cryptocurrency of Ripple, XRP, to surpass over the past 24-hours.
Ripple’s XRP is running out of momentum in the four-month descending wedge pattern. The price of Ripple’s XRP is bouncing back again following the last 24-hours price increase of 4.17%. The XRP bulls are walking into the market amidst the mid-year bearish scenario – which is still quite dominant.
Meanwhile, the September 24 shock-waves is still alive in the market as traders tend to panic because of FUD – fear uncertainty and doubt. All in all, the bulls may need to clear the $0.25 price levels before we can have an excellent buying opportunity.
Ripple (XRP)’s Current Statistics
Trading Price: $0.248
Market Capitalization: $10,688,773,015
Trading Volume: $1,415,861,153
Key Resistance Levels: $0.27, $0.28, $0.293, $0.313
Key Support Levels: $0.23, $0.22, $0.21, $0.20
Ripple Price Prediction for September 26, 2019
On the daily chart, Ripple’s XRP is reaching a tight angle on the wedge pattern that has been forming over the past months. After recording monthly high at $0.326, the price of XRP has found a new low at $0.22 – which is currently reinforcing the current price growth. While facing a tough level at $0.25, the market could spike to $0.27, $0.28, $0.293 before breaking the wedge to $0.313 resistance.
As of now, traders are yet to show a strong commitment to buying. Should the buyers turn weak now, we can expect the market to roll back at the $0.23 and $0.22 support zone. The $0.21 and $0.20 level may further produce support for the market if breach beneath the support zones fails to contain next bear rally. Whichever way, the XRP/USD pair continues to remain in a downward range.
Conclusively
Considering the latest price variations, the volume is trooping into the market as possible climb may play out if the demand keeps increasing. Should such a scenario occurs, Ripple’s XRP could break away from the falling wedge pattern sooner or later.
Technical Indicator Reading
RSI for Ripple’s XRP has sharply dropped back to the bear zone as a result of the recent massive sell in the market.
MACD is swinging back in the negative zone after witnessing a slight cross above the zero level. We may further see a bullish momentum if the oscillator turns positive.
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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