XRP/USD Rises But Fails To Break Resistance At $0.3200 As Bears Pull The Price Back, Will XRP Recover?

Ripple gets the first bank from Oman on its RippleNet platform

Ripple News Update – Just like Bitcoin, Ethereum, and other top crypto assets, Ripple (XRP) made an upward movement from yesterday’s support at $0.3040. Despite the token’s struggles to secure credible support above $0.31, it became capped at $0.32. XRP price corrected to its current market price, $0.3152 after it failed to conquer the resistance at $0.3200.

Ripple Price Analysis – XRP Price Prediction 2019 – Ripple Bulls to Step Above $0.3208 Resistance to Continue the Uptrend

Ripple (XRP) achieved a higher high pattern after breaking above the moving averages. XRP Price Analysis showed that an initial resistance lies at $0.3175. However, the bulls need to forge a persuasive move above the critical hurdle at $0.3208 after stepping above the first resistance. Other resistance levels are at $0.3241 and $0.3373. However, the token will have to break the rock-solid resistance at $0.3406.

However, XRP may move downwards to support levels if an upside breakout fails. The initial support level lies at $0.3110. Other support levels are likely to be at $0.3044, $0.2978, $0.2945, and $0.2847.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3
ripple
XRP(XRP)
$0.218
-0.95%

XRP price rose above $0.3400 after it recorded its recent low on July 16 at $0.2834. A downside correction after the uptrend proved unsustainable, took the token price towards the critical level at $0.3000. However, new investors who popped in at this level helped the crypto asset to initiate a recovery. For further upward movement, the bulls have to increase the price above $0.3200-$0.3220.

XRP Price Prediction suggests that the cryptocurrency will continue its upward movement if it breaks this price range and may reach $0.3300. However, the highest level of the previous 4-hour period lies within the resistance zone, $0.3200-$0.3220. Another resistance lies at $0.3400. The support levels on the downside are at $0.3150 and $0.31. The bearish trend is likely to stop for the moment at the second support level. However, further downward movement towards $0.3000 will trigger more sell-off.

Ripple News Update – Ripple Latest Update – Ripple Quarterly Sales Increases

Ripple (XRP) sales increased from $169.42 million in 2019’s Q1 to $251.51 in the second quarter. The increase represents a 48% rise in the sales of XRP. Ripple released the second quarter result on July 24 and attributed the boost in the sale report to soaring institutional interest.

$106.87 million worth of XRP sales were directly disposed to institutional clients. This amount is a massive 73% increase from $61.9 million in the first quarter. Also, $144.64 million worth of XRP was sold through programmatic sales. Ripple kept the programmatic sales temporary on hold due to the inflated sales volume it encountered.

Besides, the introduction of caps on institutional sales was meant to provide a solution to problem evaluation. According to Ripple, the company resumed XRP sales later at a rate 50% lower against the previous guidance. The XRP price was at 10 basis points of the CoinMarketCap reported volumes.

Ripple News Today – Ripple intends to take a more conventional approach to XRP sales in the third quarter. The company plans to exit some of the over-the-counter (OTC) markets and concentrate on those that demand liquidity.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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