Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- The 1-day and 1-hour timeframe price charts showed that XRP bulls were dominant.
- A dip to the $0.78 demand zone is likely to result in a higher rally.
Ripple [XRP] has been one of July’s standout performers in the crypto market. The Ripple lawsuit saw the judge rule that XRP was not a security, which sparked a remarkable rally on 13 July.
Realistic or not, here’s XRP’s market cap in BTC’s terms
The higher timeframe price chart favored the bulls. Further gains toward the $1.04 level or higher were possible, although there was the possibility of a deep pullback. Yet over the past week, buyers have succeeded in driving prices above $0.8. Can traders expect further upside?
XRP’s short-term momentum showed signs of weakening
The market structure has been bullish since 17 June, when XRP was trading at $0.715. Since then, buyers have forced prices higher and established an uptrend on lower timeframes. The 1-hour chart showed that there were two regions where XRP can find demand.
The first was the support level at $0.82 that had acted as resistance on 13 July. This level was briefly flipped to support in the past few hours but it seemed the bears could drive the bulls back a bit. The next support zone was the bullish order block at $0.0782, marked in red. It has confluence with the 55-period SMA and a move below this region would flip the structure bearishly.
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Author: Akashnath S
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