Is XRP’s Bounce Back for Real?

Fibo Quantum

  • Ripple’s XRP continues to rebound higher following the 24-hours positive climb
  • XRP is now displaying a short-term bullish dominant bias move
  • XRP remains bearish on a medium-term despite the rapid recovery on the H1 time frame

Bitcoin is back again above $10,000, so does other best performing cryptocurrencies bouncing to crucial resistance levels. XRP, the third biggest crypto behind Ethereum, is now climbing to previous resistance as the market erodes on a short-term bullish.

Ripple (XRP)’s Current Statistics

Trading Price: $0.323

Market Capitalization: $$13,919, 990, 634

Trading Volume: $2,451, 357, 016

Key Resistance Levels: $0.335, $0.35, $0.37

Key Support Levels: $0.3, $0.29, $0.28

Ripple Price Prediction July 18, 2019

During the past few days, the XRP/USD pair has witnessed a serious medium-term decline. Now the market seems to be displaying an intra-day bullish bias which has brought trading above $0.32 as of the press time.

In short, the bulls are stepping back into the market, and as it stands now, the price of Ripple’s XRP is likely to go up to $0.335, $0.35 and $0.37 – which has been the key resistance levels in our previous analysis.

At the same time, we should consider the XRP/USD pair is still bearishly dominant bias on the D1 and H4 time frames, which reflects a steady downtrend for this cryptocurrency.

However, if the bears come back, we may see a more severe bloodbath in the market, as price roll back to key supports at $0.3, $0.29 and $0.28 – the legendary lows.

Following the positive moves on the hourly time frame, the XRP/USD pair may continue to drive upward on a short-term. Let’s see how far the bulls can take charge of the market in the coming trading session.

Conclusively:

We need to see an evident rise above the $0.37 before we can consider a trend reversal for the XRP/USD pair. What we are currently experiencing is simply a short-term bullish retracement, which is very important for the bears to gather momentum for the next rally. Let’s keep to the current Ripple price trend as it plays out.

Technical Indicator Reading

MACD is now operating in the negative zone after a long-term decisive climb – a clear signal for a selling pressure in the market.

RSI is currently at 38, showing a bearish trend for Ripple’s XRP pair against USD and now tilting up following the slight rebound 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.

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