Latest PostPrice Analysis

XRP Price to hit $1, But When? Ripple Price Action Seems Bullish, Breakout is Expected Soon.

news-image

With the start of August, the global cryptocurrency market is in the black (today). The current market capitalization is $1.65 trillion. Bitcoin price is currently $41500, and its market share is 47.76 percent, down 1.16 percent from the previous day. To support the broader crypto market, Bitcoin would have to return to $42,500 levels.

Meanwhile, the price of ethereum has pushed the cryptocurrency market higher in the last 24 hours, with traders aiming for $3,000 per ether coin.

XRP Price Analysis

The price of XRP is now down $0.75. In the last 24 hours, it has risen 1.46 percent.

XRP Price is aiming for a sustained breach above the 200-day moving average in order to reclaim $1. At $0.7774, the price of XRP faces key 200-DMA resistance.

Bullish RSI could send the price above the resistance level. In the direction of $1.00, the upside appears to be more enticing. As a result, we anticipate a retracement and a retest of the prior support level next week for XRP/USD.

Ripple has broken through the $0.73 prior swing high and approached the $0.77 mark multiple times in recent days. As a result, a little higher high has been established, indicating that the overall price action structure is becoming increasingly bullish. 

According to the current scenario, the first big resistance level is $0.77, followed by $0.79 and $0.82. On the downside, $0.71 serves as a support level, followed by $0.68 and $0.66.

In the direction of $1.00, the upside appears to be more enticing. The 14-day Relative Strength Index (RSI) is barely below the overbought level at 65.96, indicating that the price of XRP has further room to grow. 

Ripple’s legal team has filed a fresh court brief, similar to the XRP VS SEC case. Certain SEC members, according to Ripple, have acknowledged a lack of clarity regarding securities regulations.

Tags
Show More

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

Related Articles

Back to top button
Close
Close