XRP on the cusp of a short-term breakout

Fibo Quantum

  • On the short-term technical indicators, the bulls are showing interest in the Ripple XRP) trade as this could set a positive surge for the market.
  • Following the recent choppy price action, the XRP/USD is still looking bearish on a long-term
  • The past two weeks price movement has made the Ripple’s XRP market to remain indecisive in the symmetrical triangle formation.

Despite the recent bearish attack in the market, the $0.30 has remained a defensive level for the Ripple (XRP) market. Having followed a new symmetrical triangle formation after a near term channel breakout; the price actions have continued to pose an indecisive market which could amount to a price surge.

However, the 3rd ranked cryptocurrency has seen a price increase of about 2.08% a few minutes ago. Ripple’s XRP may see a break-up if the bulls continue to surge the market. On the long-term outlook, the market is currently in the middle of a consolidation, sensing a big move is about to play out.

Ripple’s Current Statistics

Trading Price: $0.315

Market Capitalization: $13,517,208,373

Trading Volume: $850,205,265

Key Resistance Levels: $0.34, $0.36, $0.39

Key Support Levels: $0.30, $0.29, $0.28

Ripple Price Prediction for July 30, 2019

Over the past few days now, Ripple’s XRP has remained indecisive on the hourly time frame as price action compounds for a surge in volatility. Meanwhile, a symmetrical triangle formation is still spotted on the 4-hours chart with a potential bullish swing which is likely to spike the market to$0.34, $0.36 and $0.39 resistances.

XRP/USD, 4H Price Chart – July 30, 2019

Ripple (XRP); however, is following a bearish sentiment on the daily chart. The price may slump to $0.29, and $0.28 supports if the $0.30 level could no longer contain bearish pressure, resulting in short-term breakdown for the market. Nevertheless, the trend is likely to reverse up if the buying pressure turns out heavier. Otherwise, the sellers may start another bearish party.

Conclusively:

If we can see a consistent increase in the trading volume, the XRP/USD pair will rise to the above resistance levels as it could pave the way for a bullish scenario. As it has been for the past weeks, a continuous drop in the trading volume may collapse the market beyond expectation.

Technical Indicator Reading

Following the ongoing price surge, the Ripple (XRP)’s RSI has significantly shot up near the overbought area. Meanwhile, the RSI 60 has been a tough level for the market over the past days. A notable cross may produce a bullish breakout.

Stochastic RSI is rising higher after yesterday’s positive crossover signal, amounting to 2.08% price growth.

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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