Highlights:
- On September 17, XRP price made the first attempt to break the $0.30 supply zone
- The pair seems to fluctuate between the $0.24 demand zone and $0.30 supply zone
- Ripple (XRP) price has found support at the $0.24 demand zone for the past three weeks as price made an upward correction.
- Ripple Price: $0.24
- Key Supply Zones: $0.30, $0.35, $0.40
- Key Demand Zones: $0.20, $0.15, $0.10
The News around Ripple
Presently, Ripple is contesting a legal suit that it violated US securities law by selling unregistered securities. According to a reliable source, Ripple sale of XRP in 2013 was unlawful. Ripple (XRP) has denied it despite its significant holdings and the continuous selloff of XRP. Meanwhile, lawyers have brought several arguments for the dismissal of the plaintiff’s claim as none of the argument has established that XRP is an unregistered security or not.
Ripple (XRP) Price Analysis
XRP/USD Long term outlook: Bearish
From the price action, the coin had been in an upward move between the months of April and June. However, in May XRP had difficulty in breaking the $0.45 supply zone. The market tested the $0.45 supply zone on three occasions and was repelled. On June 22, a strong bullish move broke the supply zone and tested the $0.50 supply zone.
The testing of the $0.50 supply zone marked the beginning of the downward move of Ripple price. On June 26, a large bearish candlestick body broke the $0.45 and $0.40 supply zones as the market continued its downward move. On August 13, XRP price fell to the low of $0.29, but it has been trading above the $0.24 demand zone in the last three weeks. On the downside, if the price breaks $0.24 demand zone is a sign that the downward move will continue.
Ripple Daily Chart indicator Reading
On September 18, the bulls attempted to break the upper trend line. Nevertheless, XRP price will resume its uptrend; the moment price breaks the upper trend line and closed above it. On the other hand, XRP/USD pair will continue its downward move if the lower trend line is broken.
The Stochastic indicator is making a U-turn above the 20% range. This means that Ripple price is in a bullish momentum a buy signal. The blue and red lines are sloping southward indicating that the market is falling.
XRP/BTC Price Analysis
XRP/BTC Long term outlook: Ranging
XRP/BTC pair had been in a range-bound move since the market fell to the low of Ƀ0.00003000 on July 11. Presently, the pair is fluctuating between the demand zone of Ƀ0.000024000 and supply zone of Ƀ0.00003200.
The market has tested the Ƀ0.00003000 supply zone on three occasions but failed to break it. XRP price will resume its uptrend, as soon as price breaks the Ƀ0.00003200 supply zone. The range-bound movement may continue if the price fails to break the supply zone.
XRP/BTC Daily Chart indicator Reading
The pair is above the colored exponential moving averages indicating that price is in a bullish trend zone. This implies that the market is likely to rise. The Relative Strength Index period 14 level 61 indicates that price is in the bullish trend zone. The breaking of the two horizontal lines will determine the upward or downward movement of Ripple price.
Conclusion
The pairs are at the bottom of the respective charts. The coin had found support at the bottom of the charts for over three weeks. The price action and the indicators have shown that Ripple price is likely to rise. Resumption of an uptrend is possible as soon as price breaks the upper trend line of the lower channel. Similarly, Ripple may resume its upward move, if the Ƀ0.00003200 supply zone is broken.
