Ripple (XRP) gets stuck in a rigid range and attempts to break away now

Fibo Quantum

  • Despite the recent price increase, Ripple’s XRP is still looking bearish on a long-term as the $0.26 support holds the coin firmly.
  • The Ripple (XRP) price may break-up if the bulls continue to show commitment.

On August 15, the Ripple’s XRP price rebounded sharply after printing a new low at $0.22 price level. The crypto trading has since found support at the $0.25. Following the past few days of decline, Ripple’s XRP has again turned positive on a weekly opening after bolstering on the $0.26 support level.

However, the 3rd largest coin is now priced at around $0.27. Once more, the buyers have shown commitment to price actions. Should the market continue to long for the next few days, we can expect a higher Ripple (XRP) price to surface. A bearish leg may turn back the market down.

Ripple (XRP)’s Current Statistics

Trading Price: $0.277

Market Capitalization: $11,845,947,183

Trading Volume: $1,066,882,633

Key Resistance Levels: $0.29, $0.30, $0.31

Key Support Levels: $0.26, $0.25, $24

Ripple Price Prediction for August 26, 2019

On the 4-hour chart, Ripple (XRP) is attempting a break-up on the descending wedge pattern, although the market is still in a downward range. Meanwhile, the last 24-hours price growth has led the market under the control of bulls’ radar as the next buying pressure is likely to hit the $0.29, and $0.30 before a further rise to $0.31 resistances.

XRPUSD-4H-Price-Chart-August-26-2019

Looking at the market structure, we can see that Ripple (XRP) has been often rejected at the wedge’s upper boundary. If the price got rejected again, we might experience a drop to $0.26, $0.25 and $0.24 support levels. From the recent moves, the Ripple’s XRP price may break-up in the next few hours and should such a scenario occurs; a bull-run is most likely to play out.

Conclusively

If the bulls can power the market significantly above the $0.30,  Ripple (XRP) could ultimately reverse the trend and maintained a bullish swing. Otherwise, the $0.28 levels will keep rejecting the price down.

Technical Indicator Reading

The RSI has continued to face upward direction since the market managed to climb from the oversold region over the past couple of days.

The Stochastic RSI for Ripple is now testing the oversold territory following the past few days of bearish scenario. We may see a climb back if the indicator turns positive.

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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