Bears have seized the initiative in the short-term scenario as all of the top 10 coins are under seller pressure again.
Top coins by CoinMarketCap
XRP/USD
During the day yesterday, the bulls tried to break through to the level of $0.70. But the buying volumes were at an average level, and, as a result, they managed to mark a local maximum only around the $0.68 mark.
XRP/USD chart by TradingView
At the end of the day, sellers seized the initiative and returned the pair to the average price area. Today the pair is consolidating in a rather narrow range on the POC line ($0.624).
If buyers are persistent, a retest of the target level of $0.70 and a new July high are quite possible.
XRP/USD chart by TradingView
On the bigger time frame, bulls are also more powerful than bears, with XRP coming back to the zone of the most liquidity where the fall started from. In the event of a breakout, there are good chances of seeing a test of the resistance at $0.70 shortly.
XRP/USD chart by TradingView
On the daily chart, the picture is also bullish as bulls are about to break the resistance at $0.6790. They might manage to do that as traders are accumulating power based on the low trading volume. If that occurs, the next mark at which bears may show power is $0.80.
XRP is trading at $0.6512 at press time.
Any financial and market information given on U.Today is written for informational purposes only. Conduct your own research by contacting financial experts before making any investment decisions.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.