The Ripple XRP price analysis doesn’t carry any exciting news this time around, given the king of cryptocurrency is down, and the market is going through an overall correction.
This time XRP’s journey started from July 9 when it reached a low of 0.285 dollars. Then the price tag got an increment, and on July 20th XRP landed at a comfortable spot on the graph labeled 0.34 dollars.
Consolidation left the buyers wanting more, and they tried to push Ripple’s price above with no luck, this resulted in a downtrend that ensued on August 5. August 9 and August 13, mark the dates when the cryptocurrency visited the 0.29 dollars mark twice.
The outlook that XRP currently portrays is bearish as it continues to trade in a descending triangle since July 12. The pattern is bad news for XRP as it might play the catalyst in moving the cryptocurrency below the $0.29 mark, which is the last thing that Ripple wanted to see. Ripple XRP price has hit the $0.25 range twice today and is currently trading in the same zone.
Probability of a price breakdown is very high with a pattern like this. Despite the odds, XRP has shown bullish signals: all referring to lower elongated wicks that the candles show (below).
Currently is depends on the pattern the graph makes tomorrow, for XRP price did not move upwards quite much before it rebounded to correct itself on the lower levels.
Furthermore, Ripple XRP price analysis reveals that the 10 August doji – with the right candles placed in front of it- transformed into the current dip will give hope to the traders waiting to buy.
Ripple XRP price analysis: Long Term
The long-term picture is bullish, showing both the Moving average convergence and divergence (MACD) and the relative strength index (RSI) in the green region. However, the current resistance lies at $0.264, $0.276, and $0.295 marks.
The fact that the candlesticks are still enclosed in a descending triangle makes a breakout less likely to happen, although, the closest resistance point will likely be tested soon.
The resistance located at $0.29 will be soon tested as the wedge in the chart (above) confirms a bullish move from XRP in the near future.
Ripple XRP price analysis further reveals that the support lies on $0.264, and on the downtrend at the $0.20 and $0.197 marks.