XRP/USD pair trades on low volatility

Fibo Quantum

  • The price of Ripple (XRP) is up by 1.34% in the last 24 hours, although trading remains in the descending channel.
  • Ripple’s XRP bulls seemed to be assuming control of the market following the recent price increase

In the last 24-hours, the entire crypto market has seen a little shake-up, making the top coin projects to recover their recent low. Ripple’s XRP price has jumped up a bit to the $0.269 leaving the $0.26 area, where the market was trading in a consolidation mode, yesterday. The 3rd best performing cryptocurrency has shown a sign of strength from the bull sides with a current price gain of 1.34%.

Today, Ripple (XRP) has resumed back in the middle of consolidation after a slight drop from near the $0.27. The price is now roaming around the $0.265 price level. If the market continues the surge and squeeze, the, $0.27 is likely to surface in the next few positive moves. More so, the XRP/USD pair might further look for higher price levels if the bulls continue to show commitment.

Ripple (XRP)’s Current Statistics

Trading Price: $0.265

Market Capitalization: $11,397,672,418

Trading Volume: $1,002,231,510

Key Resistance Levels: $0.27, $0.28, $0.29

Key Support Levels: $0.25, $0.24, $23

Ripple Price Prediction August 17, 2019

On the 4-hour chart, Ripple’s XRP is still trading on the downside, although the price action has remained intact within the descending channel. The August 15 Doji candle (bullish candle formation) has eventually played out well. While the price of XRP is now above the $0.26, we can expect the next level of resistance at $0.27, $0.28 and $0.29 on the upside.

XRPUSD, 4H Price Chart – August 17, 2019

However, the market is currently displaying a sign of subduing volatility with choppy price action. Taking a look at the price chart, we can see the trading volume is still fading. If the XRP/USD pair continues to stay under the control of bear radar, the price may roll back to previous supports at $0.26, $0.25 and $0.24 levels. It’s important to note that the Ripple (XRP) market remains on a long-term bearish trend.

Conclusively:

Following the August 15 bear surge, we can see the Ripple’s XRP is struggling to produce significant price action due to low trading volume in the market. If the market becomes volatile in favor of the bulls, the price may surpass the $0.30 level. In support of the bears, the price actions will remain in the channel boundary.

Technical Indicator Reading

RSI for Ripple (XRP) has managed to climb back above the oversold level. The market will rise if the RSI keep trending higher.

The Stochastic RSI has reached the highest condition. We can expect selling pressure when the indicator turns downward.

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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