XRP Finds Support after a Rollback, Can it Hold?

Fibo Quantum

  • The price of Ripple’s XRP looks bullish on the medium-term technical indicators.
  • Ripple (XRP) finds support at $0.26 after a consistent price drop over the past 72-hours.

Over the past weeks, Ripple (XRP) has continued to roll back lower after the August 19 bearish scenario that hit the crypto market.

The bears have stepped back in the market, and now, the price is falling as well. Since yesterday, the $0.26 price level has bolstered, and now the Ripple’s XRP price is rising approaching the angle of the mid-term wedge; suggesting a big shock wave is around the corner.

Although the volatility is still pretty low for the XRP/USD pair as the market cap recently dropped by $1billion during the pas three days sell-off. Despite that, the 3rd best performing cryptocurrency has currently seen price growth of 2.23% over the last 24 hours. We may continue to see a decisive climb if the pair further shows strength. Otherwise, the market will bearishly fall back.

Ripple (XRP’s Current Statistics

Trading Price: $0.271

Market Capitalization: $11,627,978,017

Trading Volume: $1,035,103,868

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

Key Support Levels: $0.26, $0.24, $22

Ripple Price Prediction August 23, 2019

Zooming at the 4-hour chart, Ripple (XRP) appears in a downward range with a weakening bearish momentum which shows that we might see a bull run soon, although buy signal is yet to be confirmed. As crypto trading can be unpredicted at times, the market may continue to sell heavily to supports.

However, the next level of supports to look out for is $0.26 support before retesting the last week’s lows at $0.24 and $0.22. In case of a bullish play, the price of Ripple’s XRP may go up to $0.28, $0.29 and $0.30 resistances. Meanwhile, the price action is still looking indecisive on the hourly chart. We can expect a decisive climb if the trading volume is increasing.

Conclusively

If the XRP/USD pair can rise back significantly above the $0.30 level, we can then start to consider a bull-run for this pair. Another thing to note is that we need to see a clear and consistent rise above the wedge before Ripple (XRP) can fuel a bull-run. For now, the market is still under bearish control.

Technical Indicator Reading

The RSI is currently down, but it appears the market of native cryptocurrency of Ripple has found support at the 35 level, now aiming to climb back.

The Stochastic RSI has now seen a climb to the overbought territory after a bullish crossover signal. Ripple (XRP) is likely to make a pullback in no time.

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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