- Ripple (XRP) is in the middle of consolidation as the price holds at a crucial support level.
- If the bear flag pattern plays out, the XRP/USD pair may experience a massive sell-off.
The price of Ripple’s XRP is held above the $0.25 support for some days, following a series of price fall since the mid-year bearish run started. While consolidating for the last few days now, resistance is also held at the $0.266 level on the upside, allowing price movement in a channel boundary.
Now, the XRP/USD pair is down by 0.57% and currently trading near the critical support level. The bears may continue to take over the market if the $0.25 support fails to hold.
Ripple (XRP)’s Current Statistics
Trading Price: $0.254
Market Capitalization: $10,929,766,941
Trading Volume: $882,263,820
Key Resistance Levels for Ripple at present: $0.256, $0.26, $0.265
Key Support Levels: $0.25, $0.245, $24
Ripple Price Analysis for August 13, 2019
The price of Ripple (XRP) is moving in a channel boundary on the two hours chart. Technically, the channel formation is a bearish flag pattern which mostly followed a break-down in price. Following the past two days of price actions, XRP is consolidating at the lower boundary of the channel.
A bounce back to $0.256, $0.26 and $0.265 resistance may once again give strengthen to the $0.25 support. If this support gets weak, a price break-down may occur as the bears may find new monthly lows at $0.245 and $0.24 levels. From a long-term perspective, Ripple’s XRP is still in a dominant bearish bias. The chart’s volume is also showing a low amount of liquidity.
The recent sideways movement is due to price stability in the Ripple (XRP) trading which shows that the demand-supply is at equilibrium. Another thing to note here is that the market is preparing to change the trend. Like we said earlier, a short-term bearish breakout is most likely to play out. The only condition for a bullish trend is if the $0.25 level can continue to provide support for the market.
Technical Indicator Reading
RSI is currently struggling to climb above the 50 level. A break-up will allow the market of native Ripple coin to test the channel’s upper boundary once more. Otherwise, the price may remain below $0.255.
Stochastic RSI is showing bullish sign as it nears the overbought area. If the price oscillates downward, XRP may fall back to the $0.25 support level.
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.