- The price of Ripple’s XRP tumbled sharply to a new support level after witnessing a sudden bearish surge.
- The XRP/USD pair has plunged beneath the descending wedge pattern – indicating a major bearish correction in the market.
Over the past six days now, Ripple’s XRP price has continued to meltdown steadily and has now rolled over to a new monthly low at $0.22 after seeing a massive shockwave that hit the market just a few hours ago.
The bearish scenario is eroding against the Bitcoin pair. In overall, the price of native Ripple cryptocurrency has currently lost -11.47%, causing the bear to dominate the market. Still, XRP remains the 3rd most-traded cryptocurrency behind Ethereum and Bitcoin that have similarly witnessed a massive sell-off.
Ripple (XRP)’s Current Statistics
Trading Price: $0.24
Market Capitalization: $10,359,437,106
Trading Volume: $2,154,747,117
Key Resistance Levels: $0.25, $0.26
Key Support Levels: $0.22, $0.20
Ripple Price Prediction September 24, 2019
Zooming into the 2-hour chart, Ripple’s XRP had slump beneath the descending wedge pattern over the past three hours. Currently, the price is testing the $0.24 zone following the recent sharp drop. However, the market is likely to bounce higher to $0.025 and $0.26 resistance levels, where the wedge’s lower boundary lies before the next rally resurfaces.
If the XRP/USD pair drives lower, the price may slip to at $0.22. However, the $0.20 may further act as support if the supply becomes heavier. As we can see from the chart, the volume is quite impressive over the past seven days – reflecting the significant trading activity. Nevertheless, Ripple’s XRP is eroding bearishly on a long-term perspective.
Ripple (XRP) may face severe price drops in the coming days if the $0.20 support fails to suppress the ongoing selling pressure in the market. But if the previously mentioned support can hold well, we should expect a sharp rebound towards the $0.30 – which could lead to a bullish reversal formation.
Technical Indicator Reading
The RSI had been trending in a downward direction since the trend reversed at the overbought area, although Ripple’s XRP is now in the oversold zone.
The MACD has swung back in the negative zone following the past few hours of severe drops – suggesting a bearish action in the 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.