Price Analysis

XRP Price to $1? Health Retracement Prepares Crypto Buyers for Next Leap

The XRP price to prolong a consolidation phase before resuming the bullish trend

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Published 16 Jul, 2023 | 02:05:05 PM UTC

XRP Price to $1? Health Retracement Prepares Crypto Buyers for Next Leap

Following a notable development in Ripple’s ongoing legal dispute with the Securities and Exchange Commission (SEC), the XRP price showed a massive upsurge on July 13th and reached a yearly resistance of $0.92. However, a significant rally in the short term usually attracts a minor correction to replenish bullish momentum. Can XRP price continue its bull run above $1?

Also Read: Missed the XRP Rally? Catch the Next Bullish Swing in these Altcoins

XRP Price Daily Chart:

A morning star candle pattern at $0.685 indicates the buyers are defending the recently reclaimed levels
The post-correction rally could bolster buyers could rechallenge the $0.78 or $0.911 resistances
The intraday trading volume in the XRP is $2.9 Billion, indicating a 44% loss.

Source: Tradingview

After encountering resistance at $0.9118, the XRP price experienced a sharp reversal and tumbled 25% to retest the nearby support level at $0.685. This horizontal level along with the 38.2% Fibonacci retracement level forms a robust foundation for buyers to sustain a bullish recovery.

Anyhow, a post-correction rally is usually beneficial for a long-term rally as it stabilizes the build-up selling pressure and recuperates exhausted bullish momentum. With an intraday gain of 4.3%, the coin price rebounds from $0.685 support and shows the formation of a morning star candle pattern.

This bullish reversal candle hints the buyers could strike back the $0.78 or $0.911 barriers.

Will XRP Price Regain $1 Milestone?

The lower price rejection candle at $0.685 indicates the buyers are obtaining strong support from this level. Though this support could assist buyers to hold higher grounds, it is less likely for the XRP price to again make a rapid growth of 30% to reach $1 without favorable news. Thus, the coin holders could witness a consolidation phase until the bullish trend stabilizes.

Exponential Moving Average: The XRP price trading high above the daily EMAs(20, 50, 100, and 200) indicates an overextended recovery.
Relative Strength Index: The daily RSI slope at 72% indicates the market sentiment is highly bullish

Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

Published by

Brian Bollinger

Published 16 Jul, 2023 | 02:05:05 PM

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