Price Analysis

XRP Price’s Narrow Trend Distances Itself From $0.7 Mark! What’s Next?

Highlights

    XRP price was heading strongly towards the next target after a drastic crash, yet the rally is hindered with a narrow accumulation

    The price is finding it difficult to break $0.65 newly formed resistance levels and hence showcasing a sideway trend

Ripple’s XRP price after a steep crash was surfing through the recovery wave in the previous trading day. The hopes of the price regaining the positions above $1 appeared to be clear as the price maintained the upswing due to the mounting buying pressure. However, no sooner the bulls were gaming momentum, the bears geared up to suppress the rally.

No doubt the bulls stretched he leg up towards $0.7 but the momentum was lost that restricted the rally around $0.67. Currently, the price is attempting hard to swing towards the north yet the bulls may have entered a withdrawal state. And hence the boost required to reach the resistance levels at $0.7 may be short supply. 

Also Read: XRP Price Could Reach Close To $6 By Mid-August!

xrpchart

The price flipped the 50-day MA with the previous day jump after failing muliple times in the past 10 days. The volume also has grown significantly compared to the last week which points out the increasing activity and traders interest. Despite a sideway trend, the price is still sustaining above the 50-day MA.

Considering the indicators, the MACD still appears within the reach of the bulls despite the correction. The RSI levels is also rising steadily aiming to touch the upper levels above 70 soon. The prime focus for the XRP price would be to sustain above the $0.6 range so that the bulls gain a little control to focus on the set target at $1.

Technical Specifications

  • The resistance levels are at $0.77
  • The support levels are at $0.60
  • The indicators point out at a sell signal

Also Read: Will XRP Price Downtrend Reverse or Continue Further?

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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