NewsletterXRP Price Analysis: Will FOMO Drive $XRP Price Above $1?
XRP Price Analysis: On July 13th, the 4th largest cryptocurrency-XRP recorded a massive gain of 73% as Ripple acquired partial victory in its long-standing legal battle against the Securities and Exchange Commission (SEC). The bullish rally has topped $0.938 and reflected a significant supply zone near $0.9118. The build-up selling pressure has triggered a post-rally correction meant to replenish the exhausted bullish momentum.
Also Read: Ripple CTO Regrets This Following XRP Lawsuit Ruling
XRP Price Daily Chart:
- The lower price rejection candle near the $0.685 level indicates the buyers are obtaining strong support from here
- A breakdown from $0.685 support could trigger a quick 10% drop
- The intraday trading volume in the XRP is $5.4 Billion, indicating a 59% loss.
Source: Tradingview
After a reversal from $0.9118 resistance, the XRP price entered a correction mode and plunged 25% to retest the local support of $0.685. This pullback is likely the result of short-term traders securing their profits by exiting long positions.
As of now, altcoin trades at $0.723 and projects sustainability above the $0.685 support with lower price rejection candles. This horizontal level aligned with the 38.2% Fibonacci retracement level creates a strong footing for buyers to recuperate bullish momentum.
This support would assist the buyer to hold the higher grounds and lead the prices sideways for a short period. Having said that, a rapid breakout above $1 is less likely with other supportive news as the price has already traveled significantly.
[converter id=”xrp-xrp” url=”https://coingape.com/price/converter/xrp-to-usd/?amount=1″]
How Far May XRP Price Correct?
In case, the crypto market experienced a higher correction, a breakdown below $0.685 support would lead the XRP price to 10% down to hit $0.62 aligned with a 50% retracement level. Any further retracement would start to reflect weakness in buyers’ conviction.
- Bollinger Band: The coin price hitting the 3rd deviation upper band of the Bollinger Band indicator suggests instability in the current trend and the need for correction.
- Average Directional Index: The daily ADX slope uptick near 27% indicates strength in buyers to sustain a bullish trend
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