Ripple Price Technical Analysis (August 19): Still Bullish But Hesitant

Ripple XRP Coin In Hand

Ripple (XRP)trade is currently trading at $0.2840. Recently, the digital coin’s price has broken the resistance of $0.28, turning it into support. The next resistance levl is at $0.2921. The XRP price might start moving between the channels and the above levels can be used for swing trading.

Ripple Graph August 19

Dow Theory

According to Dow Theory, the virtual coin is currently appearing in the accumulation phase, which is an area from where the price shoots up, and is generally considered a great buying point. This is the time when informed investors (experienced traders and institutions) are usually entering their positions.

The price movements of the cryptocurrency during the accumulation phase are slow. The accumulation phase often falls into the end of a downtrend.

Ripple Dow Theory August 19

Moving Average

When taking 9 period moving averages (blue) with 21 period moving averages (red), a bullish crossover is seen and also the price is moving above the 9 period moving average, indicating a positive momentum. Long positions can be taken as long as Ripple’s price is above the moving averages.

Ripple Moving Average August 19

Bollinger Bands

The XRP price is moving between the channels. The channel is expanding, indicating an increased price volatility, and therefore long positions can be taken while keeping the middle average line as support.

Ripple Bollinger Bands August 19

Conclusion

Ripple (XRP)trade is currently trading at $0.2840. Resistance level is at $0.2921 with support level at $0.280. Long positions can be taken, keeping the support level as a stop loss. The channel formed between the resistance and support can be used for swing trading.

The overall trend is bullish, provided the digital coin trades above the support level and is above the 9 period moving average. Mid-term target is $0.3078. If it again breaks the support then the virtual coin can again test the $0.264 levels.

Pivot Points

Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 0.1630 0.1997 0.2326 0.2693 0.3022 0.3389 0.3718
Fibonacci 0.1997 0.2263 0.2427 0.2693 0.2959 0.3123 0.3389
Camarilla 0.2464 0.2527 0.2591 0.2693 0.2719 0.2783 0.2846
Woodie’s 0.1612 0.1988 0.2308 0.2684 0.3004 0.3380 0.3700

Technical Indicators

Name Value Action
RSI(14) 39.621 Sell
STOCH(9,6) 23.935 Sell
STOCHRSI(14) 11.268 Oversold
MACD(12,26) -0.022 Sell
ADX(14) 39.291 Sell
Williams %R -82.934 Oversold
CCI(14) -110.3324 Sell
ATR(14) 0.0628 Less Volatility
Highs/Lows(14) -0.0504 Sell
Ultimate Oscillator 43.315 Sell
ROC -23.924 Sell
Bull/Bear Power(13) -0.0985 Sell
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