- XRP, at press time, was on the verge of shifting its daily market structure bullishly
News of a ruling expected this month likely drove the price gains
As an experienced analyst, I’ve seen my fair share of market shifts and price movements in the crypto space. XRP‘s recent rally, which saw a 21.1% gain over the last five days, took me by surprise given the bearish sentiment that had been building up since it fell below an 11-month range low.
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development with XRP. Over the past five days, starting from July 8th, there was a remarkable surge of 21.1% in XRP’s value from its daily open price. This rise occurred after XRP had dipped below its 11-month price range low. Consequently, this upward trend appears as an anomaly or deviation in the context of recent XRP market movements.
The market bounce-back has brought the peaks back within reach once more. This shift in attitude could be due to anticipation surrounding the upcoming SEC ruling on their ongoing lawsuit against Ripple in July.
Resurgence above $0.45 caught traders off-guard
The descent to $0.41, a past resistance point in May 2023, indicated a breach of XRP‘s long-term price range. Consequently, there were signs of an impending upward trend. Nevertheless, the actual outcome deviated from these predictions.
When the price moved above the $0.47 resistance, it signaled that bulls were eagerly preparing for a price increase. Typically, such a significant deviation below a prolonged price range is followed by a strong upward trend.
The trendline of the OBV (On Balance Volume) was breached, while the RSI (Relative Strength Index) surpassed the neutral threshold of 50. This combination indicates robust buying activity and bullish trends. The price level of $0.585 serves as a potential resistance in the near future, but if this barrier is overcome, investors may consider re-entering long positions.
Likelihood of XRP’s rally halting before $0.55
When the price falls significantly below its lower range, a large amount of liquidity is often wiped out. This occurred during the price decline in April. The recent drop to $0.382 triggered massive sell-offs, indicating that many holders became frightened enough to start selling once the $0.46 support level was breached.
Is your portfolio green? Check the XRP Profit Calculator
As an analyst, I’ve noticed that after amassing this significant liquidity at the $0.538 mark, XRP bulls appear poised to reverse the price trend. This zone acts as a powerful draw for XRP prices. The levels at $0.7 and $0.77 are also potential targets, but overcoming the resistance in the mid-range is crucial for providing support instead.
As an analyst, I would note that the probability of the scenario unfolding may be hindered by the formation of a range within the past two months below the $0.53 mark.
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2024-07-14 08:07