Ripple Price Skyrockets To $0.75 But Uptrend In Jeopardy As Investors Sell The News

By John Isige
Published July 29, 2021 Updated July 29, 2021
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Ripple Price Skyrockets To $0.75 But Uptrend In Jeopardy As Investors Sell The News

By John Isige
Published July 29, 2021 Updated July 29, 2021
  • Ripple price ascended to $0.75 on Wednesday as an On-Demand Liquidity corridor debuted between Japan and the Philippines.
  • A correction is underway, with the price sliding back $0.7.

Ripple remarkably broke out mid-week, flying the bullish flag high above the crypto horizon. The news reverberated across the market that the blockchain company would launch a new On-Demand Liquidity (ODL) corridor between Japan and the Philippines. The primary goal is to tap into the nearly $2 billion per year remittance market between these two countries.

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The news was a breath of fresh air for XRP as more investors streamed into the market, perhaps to take advantage of a potential rally. As buying pressure behind Ripple surged, the token shot above $0.7 and stretched the bullish leg, brushing shoulders with $0.75.

Ripple Price Corrects As Investors Take Profits

The recent drop to $0.52 could have harmed most investors. However, there was hope that they will resurface from underwater and gasp for air. Intriguingly, technical levels joined hands with the fundamentals, boosting XRP to $0.75.

However, the resistance at the week’s high cut short the uptrend, killing the hope for the international money transfer token trading above $0.8. At the time of writing, Ripple has retreated to $0.7 amid an uptick in overhead pressure. The correction is mainly accentuated by the desire for investors to take profits before rejoining the market.

XRP/USD four-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview

The Relative Strength Index (RSI) indicator has also retreated from the overbought area and sharply falls to the midline.  This technical tool tracks the trend of an asset and measures its strength. A sharp drop toward the midline and the oversold is indicative of a firmer bearish grip.

More sell orders will also be triggered if Ripple makes a four-hour close under $0.7 and the ascending parallel trend line’s middle boundary. Support is expected at $0.65 and $0.62, respectively. If push comes to shove, the token might explore areas under $0.6 again.

Ripple price intraday levels

Spot rate: $0.69

Trend: Bearish

Volatility: Growing

Support: $0.65 and $0.62

Resistance: $0.75 and $0.8

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1116 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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