- Ripple (XRP) may continue bearish if the $0.26 price level holds.
- Ripple’s XRP appears in a downward range, but correct 0.75% gain under 24-hours.
Since our previous Ripple’s XRP price analysis, the market has seen a little price shift to the downside. The $0.28 resistance level has once again suppressed buying pressure and has now brought trading to around $0.25. As of now, the cryptocurrency has continued its long –term bearish extension, although the market has seen a price gain of 0.75% over the past few hours.
Subsequently, Ripple’s XRP trading volume is now trading under $1 billion due to the bearish continuation in the market. This suggests that we may experience a more severe drop in the upcoming bear rally as the August 15 low at $0.225 may be retested. Should the $0.25 act as reliable support, the market is likely to go up. For now, there’s no bullish sign for the XRP/USD pair.
Ripple (XRP)’s Current Statistics
Trading Price: $0.255
Market Capitalization: $11,103,860,677
Trading Volume: $822, 319,431
Key Resistance Levels: $0.27, $0.28, $0.29
Key Support Levels: $0.25, $0.24, $23
Ripple Price Prediction for August 31, 2019
Ripple (XRP) is still showing a strong bearish trend on the 4-hour chart, along with a descending trend line which is acting as diagonal resistance for the market since August 5. After recovering from the August 28 sell-off, the price action is now looking for a retest at the $0.26 resistance level before rolling back to $0.25, $0.24 and $0.23 support levels.
However, if Ripple’s XRP manages to climb above the $0.26, the market may fuel a bull run to $0.27, $0.28, $0.29 resistance levels and above. As of now, the bears appeared to be gaining control on a long-term outlook. Therefore, it might be so difficult for the bulls to gain control at the moment.
Conclusively
Since the Ripple’s XRP market broke the 2019 demand zone, the price has continued to find reliable support to give the market a lift back in an upward range, but it appears the supply is outweighing demand. However, this pair will continue to fall until the bears exhaust momentum.
Technical Indicator Reading
The RSI for the native cryptocurrency of Ripple is turning bullish but in a very slow and struggle outlook, which shows that the recent buying pressure is weak.
The Stochastic RSI is currently revealed at the overbought zone, a sign for potential fall in price.
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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