- XRP remain bearish despite rebounding on the long-term falling trend line (yellow, shown in the figure later in this article)
- XRP Bears appeared to be stepping back in the market after a two days price increase
- The cryptocurrency carved a falling channel pattern on the 4H time frame
Trailing the recent two days price increase, XRP traders have managed to bring the price back above the $0.30 after a sharp rebound from the long-term low. As of now, the cryptocurrency is exchanging hand at around $0.315 following a slight price drop of about 2.19% in the last 24 hours. On the hourly chart, the XRP/USD pair is forming a higher highs and higher lows pattern.
Ripple’s Current Statistics
Trading Price: $0.315
Market Capitalization: $$13,526, 073, 838
Trading Volume: $1, 230, 656, 606
Key Resistance Levels: $0.335, $0.35, $0.37
Key Support Levels: $0.3, $0.29, $0.28
Ripple Price Analysis for July 19, 2019
Earlier this week, the XRP/USD pair bottomed at the tough support of $0.28 after a serious selling pressure in the market. A quick bounce-up set in as trading jumped back above the $0.30 after bolstering on $0.28 support.
As of the time of writing, the trading volume of Rippe’s XRP is down by approximately 50 percent compared to yesterday’s statistics, which recorded about $2.5 billion. This shows the current bearish action in the market.
Maintaining the key supports and resistances highlighted in our previous analysis on XRP/USD pair – a possible bearish continuation is likely to meet major support at the $0.30 before falling back to $0.29 and $0.28, which has remained critical levels for the bears to surpass. A breach could roll the market back to the 2018 low.
Inversely, the buyers may continue to power the market to the critical potential resistances at $0.335, $0.35, and $0.37. Regardless of the whole scenario, Ripple (XRP) is still following a falling channel formation on the medium-term trend.
As we can see, the market has actually pulled back close support. We can expect the price to climb again. If the market eventually turnarounds, XRP may roll back to long-term support. At least for now, the native cryptocurrency of Ripple is rising on the hourly time frame considering the higher highs and higher lows moves. Investors may want to long XRP a bit.
Technical Indicator Reading
MACD is now facing a resistance at the zero level on a medium-term for Ripple (XRP). A bullish cross could set the price on a channel breakout. A rejection will affect the market to fall back to lower levels.
RSI has recently seen a drive above the 50 level as it gradually rises towards the overbought area, which could fuel the market to crucial potential resistance levels.
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.