Today we’re going to give a quick overview of Ripple (XRP) price analysis and our market prediction as the week closes out. XRP has been losing ground steadily since late June 2019 with Ripple’s valued at $0.248 at press time. The market cap is at $10.95 Billion and the 24-hour trade volume is at $1.24 Billion which is a 0.54% fall over the past day.
The XRP daily chart shows a consistent decline in value over the past few months. XRP has entered a falling wedge towards the end of June, rising from $0.254 to $0.326 in mid-September where it tested the SMA100. What’s going on?
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After last Tuesday’s bloodbath, the price failed to touch SMA100 and fell back down below the $0.28213 support and the 50-day moving average line. It is currently testing support at $0.26 and a short breach in the last week of August led to bounce back from the support.
XRP will make a major comeback in the following months on testing the 100-day Moving Average. After breaching resistance at $0.28213 the price will drop below the support, and may fall to $0.19 level. However, a drop to $0.19 was last seen only in late-2017. XRP could bounce back from the support line, and will have to test the 50 and 100-day moving average lines before trying to breach the $0.30 resistance.
Critical demand zone should be noted at the range of $0.2400 to 0.2300, where the price bottomed between September 25th through 29th, its short-term movement locked between the simple moving average support and resistance.
Like most altcoins, Ripple is struggling with increased sell-off. It has corrected lower 0.50% within one day to trade at $0.248. The prevailing trend is strongly bearish based on the cryptocurrency live rates, while the volatility and market capitalization is shrinking.
A short-term triangle pattern in the weekly chart is approaching a breakout. The trading of a lower high pattern due to the rejection was faced around $0.2650. XRP is also trending upwards above a short-term accelerated trendline. Breakout from this triangle could push XRP upwards towards the $0.28 level.
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