XRP Price Analysis: Is it Too Late to Buy $XRP Coin After a 73% Jump?
XRP Price Analysis: On July 13th, the 4th largest cryptocurrency-XRP shocked the crypto investors with a 73% intraday gain. This massive growth was triggered when Ripple scored a partial victory in its long-coming legal battle against the Securities and Exchange Commission (SEC) as the federal judge ruled that XRP is not a security in programmatic sales on digital asset exchanges. However, is this rally sustainable and safe to enter?
Also Read: Crypto Market Bullish Over XRP Lawsuit Ruling, Altcoin Rally Imminent?
XRP Price Daily Chart:
- After a massive rally, the XRP price is expected to stabilize the bullish momentum.
- XRP price rejection from $0.91 reflects a strong supply zone
- The intraday trading volume in the XRP is $13.8 Billion, indicating a 1790% gain.
Source: Tradingview
Along with the XRP Win against U.S. SEC, several crypto exchanges announced the relisting of the XRP coin, bolstering the positive sentiment crossover the market. With just one massive green candle, the buyers have breached crucial horizontal levels such as $0.56, $0.67, and $0.787.
Though this rally is backed by significant news, growth of such extent is considered unhealthy if occurs in a relatively short period. Thus, it’s expected that short-term traders would book their profit which may trigger a minor pullback before buyers could trigger the next leap.
By the press time, the XRP price trades at $0.79 and is trying to sustain above the $0.787-$0.778 flipped support.
[converter id=”xrp-xrp” url=”https://coingape.com/price/converter/xrp-to-usd/?amount=1″]
Will XRP Price Reivist $0.62?
The $0.787-$0.778 support aligned with 23.6% Fibonacci retracement support creates a strong support zone. However, if the XRP price breaks this support, the coin holders can expect a pullback to $0.68(38.2% FIB) followed by $0.622(50% FIB).
- Exponential Moving Average: The XRP coin trading far ahead of its daily EMAs(20, 50, 100, and 200) reflects instability in price action.
- Relative Strength Index: The RSI slope at 83% enters the overbought region, indicating a possibility for a minor correction
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