- Ripple price dropped 1.02% on Tuesday
- A bullish trend has emerged in the early morning trading
- There is a possibility of a price boost in the near future
Ripple price analysis shows the possibility of a boost in recent days. On Tuesday, XRP price dropped 1.02% at closing, though we saw an increase of just under 8.8% in trading volume which continues the decline started on Monday. In the late hours of the trading day, we could see what looked like a major sell-off.
Since September 11 we have seen a reversal of EMA 20 and EMA 50 indicators, signifying a downward trend since then.
Since closing yesterday at $0.2434, today trading opened at $0.2343, where it found a major support level and quickly bounced up.
A bullish ascending trendline marked the morning trading. In the following hours, it was seen reaching a morning intraday high of $0.2450. Yesterday, certain ripple price analyses were predicting that breaking this point might lead to run on $0.2475 resistance level – this has yet to happen.
XRP shows recovery from Tuesday drop
The trading day started well below both EMA 20 and EMA 50 levels, but in the mid-morning hours managed to reach the levels between them. For a short while even surpassing them.
Ripple price is still strongly connected to the price of Bitcoin. It isn’t a surprise that XRP increases and drops following the crypto market. XRP/USD is trading at 0.2425 and proceeds to run as part of the “Wedge” pattern. Ripple market cap at the time of the writing this Ripple price analysis is just over $11 billion. MA shows a bearish trend, but short-term. There is still a lot of pressure from sellers, which is obvious because the price is moving in the zone between signal lines and possible fall continuing testing the zone.
Ripple price analysis indicates positive performance in near future
The majority of traders are expecting the downtrend correction to continue. This means the Ripple price will likely test the support level in the zone of 0.2235. What could follow is for the price to bounce back and go up hitting the level of 0.3155 or even above. So, this level easily could be a new target.
Ripple price analysis for September shows a possible testing a support level close to the 0.2235 level. There we can expect a price to go up hitting a possible target of 0.3155. The price movement will be more clear when it tests a trend line on the RSI, but is also possible for the price to fall if the cancelation of the growth for quotes occurs. That would mean the Ripple price will continue to decline and the new target could be lower than 0.1545.
Ripple price analysis shows a possible boost in price. It is possible for the Ripple price to go up further for the rest of September. The cryptocurrency has a strong capitalization and due to this fact the price of this coin increases.
Ripple is threatening to jeopardize Ethereum’s position if this trend continues. We’ll see if it is possible for Ripple to become the second crypto in rank. One thing is sure, Ripple has an extremely important role and influence in the development of the whole crypto industry.
Disclaimer. All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Cryptopolitan strongly recommends that you perform your own independent research and/or speak with a qualified professional before making any investment decision.