With a 12.27% drop in the charts, XRP’s price position in the market was drastically altered over the past 24-hours. With Bitcoin witnessing a major pullback itself, some of the major altcoins were following the kingcoin’s path.
ripple’s market capitalization decreased to $12.49 billion at the time of writing, with a $2.2 billion trading activity clocked in during the crash.
XRP’s daily chart
Even after accounting for a decline, ripple’s value was able to sustain a position between $0.310 and $0.284 in the charts. The vertical hike during the start of August is still evident and currently, the asset is projecting a positive pattern. The forming bullish pennant breaks out in a rally 56% of the time according to pattern analysis, which suggested that another rally is not out of the picture at the moment.
On 7th August, 50-day Moving Average also completed a Golden Cross over the 200-day Moving Average, which is a strong positive sign for the 3rd largest token. At the moment the major resistance and support are listed below:
Resistance 1: $0.284
Resistance 2: $0.310
Support 1: $0.266
Support 2: $0.246
XRP hourly chart
The hourly chart of XRP still looks grim since the price continues to move between a descending channel. Currently, a bounced should arrive for the token at $0.269, is there is further collapse from $0.279. The last time XRP was below the support line of $0.269 dates back to August 1st, right before its rally up to $0.312.
With consistent trading volume supporting present movement, a definite trend is yet to arrive in the short-term chart. Hence, further clues are derived from the market indicators.
Now according to XRP’s MACD signal, the trend is rather bearish at the moment with the orange line clearly dominating the bull line in the blue line in the chart. However, the blue line might conduct a reversal that will trigger XRP’s rally above.
In similar fashion to MACD, Relative Strength Index or RSI also suggested the same. Threading close to the oversold zone, buying pressure is bound to come back in the market over the next 24-48 hours.
Therefore, the next couple will be important for XRP’s next move in the industry.