XRP on the hunt of a solid support

Fibo Quantum

  • Ripple (XRP) is retracing to key levels after a channel breakout
  • The bulls are showing commitment as price saw a slight positive cross on the 4-hour MACD
  • Ripple’s XRP is bouncing back up following the $0.30 breakout during last week’s trading

Ripple’s XRP trading has remained above the $0.30 following the sharp rebound at $0.28 area during last week’s. The price rejection, however, has led to a medium-term breakout after a small bullish commitment. The cryptocurrency is now retracing back to the channel resistance line, which is likely to bolster as support before the market continues a swing high. Otherwise, the price of XRP may roll back into the falling channel formation.

Ripple’s Current Statistics

Trading Price: $0.314

Market Capitalization: $13,462,117,505

Trading Volume: $1,101,540,905

Key Resistance Levels: $0.335, $0.35, $0.37

Key Support Levels: $0.30, $0.29, $0.28

Ripple (XRP) Price Prediction for July 23

Over the past few days of trading, Ripple’s XRP has begun to look for key support after a quick bullish regroup that allowed the market to test the $0.34 high during the last weekend’s trading. If the $0.31 – $0.30 zone can provide support for the market, the price of XRP will continue rising at $0.335, $0.35, and $0.37 on a short-term trend.

Ripple (XRP) Daily Price Chart – July 23

Meanwhile, on the long-term perspective, the XRP/USD pair is on the downside. Although bulls showed five-day interest in price action before the bears stepped back. Now, the market is falling back to technical supports at $0.30, $0.29, and $0.28.

From a technical standpoint, the $0.30 is likely to suppress the current selling pressure. However, as shown on the 4-hour chart, XRP trading has managed to cross-up the channel formation.  We can expect a surge in volatility if the market can find support on the channel.

Conclusively

Having shown some positive move a few days ago before the current price drop; Ripple’s XRP bulls may regain recovery after a retesting the long-term support line, marked in yellow on the chart. If the yellow line fails to act as a reversal point, XRP may break lower to create a new low.

Technical Indicator Reading

The 4-hour MACD has recently signaled a bullish move following the short term price growth which has pushed the market back above $0.30. The indicator is almost turning bearish again due to the ongoing selling pressure in the market.

The 4-hour RSI is now lying near the oversold line after rising to the 70 level, where the price of Ripple’s XRP was rejected. A bullish comeback could spike the price to high levels.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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