Ripple (XRP) Price Analysis — Bears Are Looking for Support at $0.25

Libra Coin News
Thu, 08/29/2019 - 11:15
Denys Serhiichuk
Most of the coins are facing a market dump. In this case, where is the next support zone of XRP?
Cover image via www.123rf.com

Yesterday, Wednesday 28 the cryptocurrency market plummeted over the few hours. The overall capitalization of all coins has dropped by more than $10 Mln and now constitutes $247 Bln.

Ripple was not an exception from the dump and lost more than 6% over the last 24 hours. However, this is not a significant loss compared to other top 10 cryptocurrencies.

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The key indicators of XRP are looking the following way.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

24 Hour High / Low

Ripple

XRP

$10 762 082 242

$0,250672

$1 282 604 895

-6,17%

$0,267983 USD / $0,249951 USD

XRP/USD

Our yesterday price prediction is coming true, as Ripple keeps going to the level at $0.25. On the 4H chart, XRP has been moving under bearish tendencies since August 19. However, the rate might bounce off from the support and reach the resistance at $0.26 soon, as the RSI indicator located on the verge of the oversold area.

XRP/USD chart by TradingView

However, the general trend is not going to change, and XRP is likely to come back to the support at $0.25 until the first days of September. The low level of trading volume confirms such a scenario.

XRP/USD chart by TradingView

On the bigger time frame, the situation is even more pessimistic. The blue line of the MACD indicator has crossed the red one, confirming the ongoing decline. In this regard, XRP might achieve the support line at $0.23. Currently, there are no signals, suggesting the potential trend chance either in the short or long-term scenarios. 

The price of XRP is trading at $0.2518 at the time of writing.

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.