MEXCXRP Price Regains Bullish Momentum; Time to Surpass $1?
After a massive jump on July 13th, the XRP price witnessed a minor correction starting from the $0.937 high. This bearish pullback tumbled the prices 36.7% but found immediate support at the 38.2% Fibonacci retracement level. This FIB level aligned with $0.68 support created a strong demand pressure and replenished the exhausted bullish momentum for further rally. Can this post-correction rally push the XRP price above $1?
Also Read: XRP Price Looks Beyond $1, Analyst Predicts Groundbreaking Rally To $27
XRP Price Daily Chart:
- The $0.937 stands as crucial resistance against coin buyers
- Post-correction rally hints 16.6% rally to hit $0.911 resistances
- The intraday trading volume in the XRP is $3.2 Billion, indicating a 29% gain.
Source: Tradingview
On July 16th, the XRP price rebounded from the 38.2% FIB level with a bullish reversal morning star candle pattern. A correction to the aforementioned retracement level is considered healthy to recuperate exhausted bullish momentum and lead a long-term bull trend.
In the last five days, the coin price surged 15% and breached the immediate resistance of $0.778 near the 23.6% FIB level. As of now, the XRP price trades at $0.8, and if the daily candle closes above the reclaimed resistance, the buyers will gain additional support to prolong to $0.937 swing high.
The $0.937 resistance is crucial for the crypto buyers, as a breakout above will give suitable confirmation for uptrend continuation above $1.
[converter id=”xrp-xrp” url=”https://coingape.com/price/converter/xrp-to-usd/?amount=1″]
Will XRP Price Reclaim $1 Milestone?
If the market conditions remain uncertain, rejection signs at $0.937 resistance will reflect the possibility of a bearish reversal pattern called a double top. The pattern formation could undermine the bullish thesis and trigger significant correction below the $0.68 support.
- Moving average convergence divergence: A significance spread between the MACD(Blue) and signal line(orange) in a bull crossover state indicates a bullish uptrend is intact.
- Average Directional Index: The high value of the daily ADX slope(42%) indicates instability in the current bullish trend.
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