Ripple [XRP] Price Analysis: XRP Fall, Is A Pullback In Sight?
At market price, the performance of the ripple price it's decent. There is a setback, but it is perfectly in line with general expectations. After a strong double-digit rally that saw the digital asset add around $ 0.11, a chill is normal.
For all, the earnings of XRP are decent and the price is technically undervalued given the bullish development from the fundamental front of the project.
On the one hand, Ripple's lawyers are vigorously fighting to quell the dark shadow posed by the class action lawsuit. On the other hand, there are a number of associations, a positive net result for traders who were increasingly disillusioned by the lack of impact fundamental announcements had on price, no matter how juicy they were.
Ripple Report Q2 2020
Priced at around $ 0.29, a Q2 report from Ripple revealed demand for XRP. According to its reports, the for-profit company said that demand for its coin soared 1,700 percent in the second quarter of 2020 due to over-the-counter sales.
The increase of more than 1,700 percent translated into $ 32.55 million through OTC sales. It should be noted that in the first quarter of 2020, only XRP worth 1.75 million were sold through OTC.
Often times, the OTC sales of institutions interested in increasing purchases at favorable prices without affecting the order book, since their huge sales, often in block, tend to cause an imbalance, forcing prices to fall or increase compared to your order.
However, in this case, Ripple said that the focus on OTC paved the way for ODL providers to further enhance remittances via XRP. Currency is the primary conduit used to cheaply, instantly and securely move value through the transparent Ripple ledger.
Ripple price analysis
At the time of writing this article, Ripple's price was trading at $ 0.292, stable against the USD, but losing against ETH and BTC.
Although the trend is strong and bullish, there are signs of weakness depending on the arrangement of the candles. There is a spike, but not only is volatility declining and engagement declining, there are also a series of lower lows visible.
Drawn from price action, momentum is falling and there are lower lows against the upper BB. Furthermore, the fact that prices continue to oscillate within the highs and lows of August 2 with low trading volumes suggests bears from an effort versus results standpoint.
Moving forward, bearish triggers will be at $ 0.25. Along with the 20-day moving average (middle BB), there will be a reliable support zone and a possibility of consolidation if the bears fail to close below the support area.
On the other hand, any rise above $ 0.30 and $ 0.32 may trigger higher demand, as Ripple's bulls are targeting $ 0.40 or the better $ 0.50.
Technical graphic courtesy of Trading View.
Disclaimer: this is not investment advice. The opinions expressed here are those of the author.
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