Despite Bearish Struggles, XRP Still Show Signs Of Recovery

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Crypto Analysis And Forecast Of 9th May: XRP, XLM, and Cardano
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Ripple (XRP), has been bearish in the month of August. The third cryptocurrency by market cap declined from its $0.32 price in late July and has been struggling since then. Despite these bearish struggles, XRP has shown signs of recovery in the past few days.

XRP Maintains Stance at $0.26 Level

XRP, as at press time, is priced at $0.267, which is a 0.94% decline within the past 24 hours. The crypto asset has struggled to maintain a stance at the $0.27 level as it has traded within that range since August 21, 2019. Before this time, and precisely, August 13, 2019, XRP was trading around the $0.30 zone and even $0.33 on August 5, 2019.

XRPUSD
XRPUSD Chart By TradingView

While XRP’s price today is a significant decline from its value in early August, it is an improvement over what it was a few days ago. For instance, the crypto asset had declined to a day’s low of $0.252 and $0.259 on August 14 and August 17, 2019, respectively.

XRP Finds Support, Shows Bullish Trend Line 

From a technical point of view, XRP is trading below the $0.2800 support. Its major support lies around the $0.2650 level, but there is a bullish trend line on XRP/USD hourly chart. The recovery the cryptocurrency has made gives it an initial resistance around the $0.2780 and $0.2800 levels. If XRP can be appraised higher, then it could potentially spike to its main resistances of $0.290 and $0.292.

In addition, XRP’s key support and main support are a bit promising. While its key support is close to the $0.273 and $0.271 zones, its main support is around the $0.269 and the 100 hourly simple moving average.

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Its also worthy to note that the bulls will try to have the upper hand at the $0.26 level support to see the virtual asset priced higher. If the bulls fail to maintain this support, there’s no saying how low XRP can fall. The decline we’ve seen in the past few days could be evident again. 

XRP Army Still Confident About Price Surge

The XRP army, on the other hand, is still confident about the cryptocurrency and are undeterred by its current price. A user, for instance, remarked that people can’t see how close XRP is to shattering everything. In their opinion, fiat is failing, and central banks will soon look for an alternative which could be XRP.

In the same vein, Ripple had recently announced that while the overall XRP trading volume had declined on exchanges, the XRP/MXN volume surged on Bitso exchange. The blockchain company claimed the surge is evidence of use case driving volume.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.