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Ripple Holds Strong Weekly Support, Eyes $1.20-$1.50 Range: XRP Whale

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In a turn of events making waves in the crypto sphere, a prominent figure in the Ripple community, famously known as XRP Whale, has ignited excitement with a bold proclamation on Twitter. The forecast suggests that XRP might leap to the $1.20-$1.50 range, a significant surge from its current position.

This forecast aligns with XRP’s impressive resilience, particularly amidst the persisting ebbs and flows of the market. Despite the legal battles and regulatory concerns encircling Ripple Labs, the parent company of XRP, the cryptocurrency stands its ground.

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Source: Tradingview.com

XRP is trading at $0.4858, boasting a 24-hour trading volume of $479,921,007. Over the last day, XRP has witnessed a 1.35% uptick in its price, yet it also shows a 7.16% decrease over the previous week.

Ripple’s Resilience And Potential Surge

Currently, XRP commands a market capitalization of $25,901,090,064, affirming its standing as the fifth-largest cryptocurrency by market cap. Over the past day, Ripple has seen a noteworthy 21.87% surge in trading volume, tallying a total of $598,129,150 worth of XRP changing hands.

The accumulation of XRP by major holders and the unwavering support levels signal that the cryptocurrency might be teetering on the edge of a noteworthy recovery. Nevertheless, it’s crucial to remember that the crypto market is notorious for its volatility. Investors are advised to approach this potential upswing with measured caution.

While optimism swirls around XRP’s future price movements, the larger trajectory of the crypto market remains uncertain. Traders and investors are urged to stay vigilant and closely watch unfolding market events. The next few days could offer greater clarity on whether XRP is poised to make a substantial move towards the coveted $1.20-$1.50 range, a development the crypto community eagerly anticipates.

Related Reading: |Cardano (ADA) Faces Record-Low Profits As 93.61% Addresses Hit Losses

XRP Surges In Demand And Social Activity Following Ripple’s SEC Case Victory

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The cryptocurrency market is witnessing a remarkable surge in XRP’s demand and social activity following the favorable ruling in the Ripple vs. SEC case. XRP, with its astonishing trading volume of over 1 million trades per minute, has taken center stage, capturing the attention of investors worldwide.

Crypto enthusiasts, including prominent figure Nick, a self-proclaimed “Crypto Crusader” and entrepreneur, have quickly recognized the immense growth potential of Ripple. Nick recently expressed his astonishment at the skyrocketing demand, highlighting that the momentum shows no signs of slowing down. According to data from market intelligence tool Fiatleak, Ripple has surpassed the milestone of 1 million trades per minute on a global scale.

Nick is adamant that this is just the start of XRP’s remarkable journey. Wild trade volumes for Ripple over the last several days have amply demonstrated the prevailing enthusiasm among market players.

XRP Surpasses Ethereum In Social Engagement

Social analytical resource LunarCrush has revealed that XRP’s social engagement statistics have surpassed those of Ethereum (ETH) and are now closely trailing behind Bitcoin (BTC). Notably, LunarCrush reported a significant surge in XRP’s social activity following the ruling, surpassing ETH in social dominance with an impressive 31,730 social engagements compared to ETH’s 20,666. Ripple is now nipping at the heels of BTC.

Before this, LunarCrush had already ranked Ripple at the top spot on the LunarCrush AltRank, a ranking system considering social and market activity. Ripple achieved this milestone just a few hours after Judge Torres’s ruling.

Social activity and global trade surge have substantially increased Ripple’s trading volume across major exchanges such as Binance, Uphold, Coinbase, and Kraken.

Web3 media group Whale Talk reported that the ruling, clarifying that most of Ripple’s XRP sales are not securities, directly contributed to the surge in exchange trading volumes. Uphold experienced platform issues. On July 13, Ripple’s volume skyrocketed to $10.39 billion. The swift relisting on exchanges like Coinbase and Kraken fueled the volume surge.

https://twitter.com/WhaleCoinTalk/status/1680662555490938880

Additionally, Korean investors have displayed impressive demand for Ripple, contributing significantly to the surge in trade volume. South Korea’s largest exchange, Upbit, reported the highest XRP trade volume globally, with $2.5 billion in 24-hour volume on July 14.

XRP’s 24-hour volume, which peaked at $10 billion on July 13 but has since dropped to $3.8 billion as of press time, is still noteworthy.

Binance holds the lion’s share of this volume, with $688 million in Ripple trade volume, accounting for 21.91%. OKX secures the second position with $161 million in Ripple trade volume, followed by Coinbase in ninth place with a volume of $50 million.

XRP’s trade volume and social activity surge demonstrate its growing prominence in the crypto market, signaling a significant turning point for the digital asset.

Related Reading:| SEC Next Move In XRP Case Remains Uncertain

XRP’s bullish comeback requires reclaiming of $1.18-level

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XRP managed to surpass the popular meme coin, Dogecoin amidst widespread market declines after the former accumulated weekly gains of 9.10%. It was now the sixth-largest token on the leaderboard. Traders have started to buy at lower levels which could have prompted the digital asset’s recovery which was currently in progress as it geared up to reclaim the first isolated resistance area last seen on the 20th of May.

XRP rose by 1.02% over the past 24-hours which pushed the price to $1.02. At the time of writing, the crypto-asset registered a market cap of $47.04 billion and a 24-hour trading volume of $5.87 billion.

XRP Daily Price Chart:

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XRP's bullish comeback requires reclaiming of $1.18-level 4

Despite a bearish start to the day, XRP initiated its march above the 100 DMA [Blue]. The moving average had previously breached twice above the price candles following the market corrections. While XRP moved over the 100 DMA, it still faced a stiff resistance from the 50 DMA [Pink] which was still hovering above it.

The fading volume, on the other hand, did not help the crypto-asset’s bullish case.

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XRP's bullish comeback requires reclaiming of $1.18-level 5

The green closing bars of Awesome Oscillator attempted to form a bullish peak as positive momentum sprung back up. The flow of capital in the digital asset continued even after mild setbacks. This was highlighted by Chaikin Money Flow [CMF] that maintained its position above the half-line.

The RSI was yet to recover from the bearish pangs as the buying pressure continued to remain low which could prove to major hurdle in price appreciation.

The key area of $0.91 has encountered multiple pullback attempts over the past two weeks, forming a reliable defensive zone in the process. If bears manage to break this level XRP risks a fall to $0.77 and subsequently $0.511 respectively.

The above resistance areas stood at $1.18, $1.59, and $1.83 respectively.

XRP’s Retracement Seems Likely Before Knocking Off $2-mark

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XRP has increased to levels not seen in the past three years. Owing to the ongoing bull run, the cryptocurrency market amassed a $2.2 trillion market cap in total as top cryptocurrencies continued to tread uncharted territories. XRP, alone was up by almost 100% over the past seven days.

With the rapid increase in its price, it further strengthened its position as the fourth-largest cryptocurrency in the leaderboard. The crypto-asset was priced at $1.77 after surging by almost 5% over the past 24-hours. At the time of writing, it registered a market cap of $80.67 billion and a 24-hour trading volume of $30.55 billion.

It appears as if SEC’s lawsuit against Ripple has failed to deter the market participants this bull season. Where is XRP’s price headed in the near-term?

XRP Daily Price Chart:

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XRP's Retracement Seems Likely Before Knocking Off $2-mark 8

With the parabolic rise, XRP’s price has continued to surge at a massive pace as it doubled its price in a matter of just a week. Along with the volatility in the coin market, the trading volume also remained surprisingly high. This was indicative of the fact that the current momentum is strong which could aid in a leg up in the near term.

The upsloping moving averages continued to support the crypto-asset from an event of market downturn.

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XRP's Retracement Seems Likely Before Knocking Off $2-mark 9

The dotted markers of the Parabolic SAR continued to hover below the XRP price candles for almost a month now, depicting that the bulls are here to stay.

The rising volume along with the protracted bullish crossover by the MACD was also indicative of the strength in the coin market as buying demand spiked.

The RSI was also in the well into the overbought zone depicting a sentiment of buying pressure among the investors. It was also an over-leveraged indicator which could further signal a retracement in the coming days.

XRP’s resistances were found to be at $1.92, $2.01, and $2.17 respectively. The 50 DMA [Pink] and the 100 DMA [Blue] acted as crucial support points for the coin at $0.6 and $0.5.

XRP Nears $1.4 Despite Looming Trend Reversal Hints

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XRP has been on a tear and has performed extremely well over the past week. The crypto-asset amassed gains of 127.85% over the same period. Its price has remained unfazed by the developments in the SEC’s lawsuit against blockchain firm Ripple and has kept on surging off late and has reached its highest level since January 2018.

XRP rose by 18.67% over the past 24-hours which catapulted its price to $1.37. At the time of writing, the crypto-asset recorded a market cap of $62.94 billion and a 24-hour trading volume of $30.38 billion.

The latest price action signaled a strong bullish market sentiment, and buyers are likely to drive prices higher. XRP has broken several multiple resistance and was currently eyeing for its ATH level.

XRP Daily Price Chart:

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XRP Nears $1.4 Despite Looming Trend Reversal Hints 12

The rising volatility has induced an absolute rampage that causing a parabolic increase in the crypto-asset’s price.

Momentum was found to be strongly in favor of the bulls, even as there is a beginning of a bearish divergence that appeared to emerge. Furthermore, both 50 [Pink] and 100 [Blue] upsloping moving averages have continued to hover below the price candles forming crucial support levels.

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XRP Nears $1.4 Despite Looming Trend Reversal Hints 13

The technical indicators have been witnessing a steadily rise in demand. The MACD, for instance, have been on the bullish region since the last two weeks depicting a increasing buying pressure.

The Chaikin Money Flow [CMF] was also on the rise indicating an increasing inflow of money into the coin market. The RSI was found to be in extremely overbought territory and is exhibiting signs of bearish divergence as the crypto-asset makes a higher high. Hence, there could be an imminent reversal in the trend.

Looking ahead, the resistance level lies at $1.56. If the bulls did manage to attract more gains, XRP could find target another resistance level of $1.94, not seen since the 2018 bull run.

On the other side, the support points were found at $0.581 and $0.47 respectively.

XRP Fails to Secure $0.5 Indicating Greater Selling Volume

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Ripple’s tussle with SEC has had an adverse effect on XRP which slid to the seventh position by market cap on the leaderboard. XRP buyers lacked the momentum to drive prices higher.

The market-wide price recovery has managed to diminish XRP’s weekly losses. However, it was still down by 3.70% for the same time frame. The crypto-asset has been turned down from the $0.50 overhead resistance yet again as bears asserted dominance over the market.

XRP was currently trading at $0.449 after a decline of 1.21% over the past day. At the time of writing, the token recorded a market cap of $20.38 billion and a 24-hour trading volume of $2.89 billion.

XRP Daily Chart:

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XRP Fails to Secure $0.5 Indicating Greater Selling Volume 16

The daily moving averages on the daily chart underwent the much-needed bullish crossover on the 6th of March following a short-lived price revival. The candles were now stuck between the price cohort of $0.50-0.41 despite the rising gauge between the two DMAs.

This was due to the fact that the 50 DMA [Pink] resisted a potential uptrend by the XRP price candles as it attempted to hover over them. The added selling pressure forced the session to close within the channel formed. Failure to revisit crucial price ceilings could bring support levels into play.

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XRP Fails to Secure $0.5 Indicating Greater Selling Volume 17

The red closing bars depicted which flipped on the negative side depicting a bearish momentum for XRP’s price. The above chart neither the momentum nor the buying volume was substantial at the time of writing.

This was evidenced by the MACD which flipped bearish on the negative side.

The RSI was hovering below the 50-median line as the selling pressure nullified the buying demand in the market.

As noted by the above charts, signs of bullish reversal have been negated as investors continued to offload tokens. Hence, if the bears sustain the price below the 50 DMA, the crypto-asset could test support at $0.413. Another crucial support level was found at $0.37. If the bulls fail to defend this area, the price could drop all the way to $0.252 due to the lack of any significant support points in between.

Its resistance levels, on the other hand, were found at $0.486, $0.566 and $0.635 respectively.

XRP Defends Crucial Level Even As Buying Pressure Dips

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XRP’s downward price action minimized its weekly gains to just 18.78%. The bulls had previously struggled to defend the support area after the market-wide dip which triggered liquidations of positions of almost $2 billion on the 15th of Feb. However, there could be an extended positive streak awaiting.

But, XRP was still down by 0.70% over the past 24-hours and was currently trading at $0.556. The crypto-asset further recorded a market cap of $25.5 billion and a 24-hour trading volume of $9.58 billion.

As opposed to several other top altcoins, XRP has lagged behind for most of the part. The fifth-largest cryptocurrency is yet to see a robust price action to gain fresh momentum if it plans to breach new resistance levels. Will the token aim for a much-awaited rebound?

XRP Daily Chart

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XRP Defends Crucial Level Even As Buying Pressure Dips 20

XRP has been one of the most volatile assets in the recent bulls season. After establishing a local top, the crypto-asset took a reverse aiming for the bearish territory.

Its immediate support level has, however, held the coin firmly from further downside price action. The moving averages depicted a positive turn. Just last week, the 50 DMA [PINK] suffered a death cross with the 200 DMA [Purple]. The trend was short-lived as the DMAs flipped positive on the 12th of Feb. The rising gauge between the two DMAs further instilled a ray of hope in the coin’s price.

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XRP Defends Crucial Level Even As Buying Pressure Dips 21

Despite lackluster in the crypto-asset’s price movement, the technicals depicted a bullish picture.

For instance, the continuation of the green closing bars depicted a bullish momentum in the XRP’s price action in the days to come. The MACD, however, was converging with the signal line. If this comes to fruition, the coin could seen diminishing buying demand in the near-term.

The RSI also dropped after hitting the overbought region but appeared to tread steadily quite above the 50-median line which depicted a minor drop in buying sentiment.

So far, the XRP bulls have managed to defend the current area. Hence, the macro trend was still positive. Besides, the coin’s target levels were found to be at $0.631, $0.696, and $0.75 respectively. It was firmly supported at $0.47, $0.34, and $0.25 levels.

XRP Price: XRP’s Bullish Rally Will be Reversed if $0.252 is Not Taken Over

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XRP’s price movement during the past week has been sluggish. While most of the top digital currencies were exhibiting a significant amount of volatility in their market, XRP’s price did not make too much noise to ascertain a level of enthusiasm. The industry as a whole was now turning a bit bearish with the only Bitcoin holding a higher ground.

Amidst such turmoil, XRP is entering a defining moment in its price charts which may dictate the assets’ direction for the rest of the year. XRP had a market cap of $11.3 billion at press time, with a minor growth of 2% over the past 24-hours.

XRP’s hourly chart

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XRP’s hourly chart exhibited the performance of XRP over the past week and the strength of resistance at $0.254 was for everyone to witness. With XRP slowing reaching its current price point at $0.251, its current ascending channel pattern indicated that the price will possibly plummet in the future. Other bearish factors included the 50-day Moving Average(yellow line) that was moving above the candlesticks at present. With the immediate resistance placed at $0.252, A re-test at $0.222 is the relative outcome over the next few days.

Relative Strength or RSI suggested a brief patch of recovery but selling pressure continued to control its movement and before moving up, a higher probability had the indicator re-test the over-sold position in the charts. Awesome Oscillator or AO also suggested the depleting bullish momentum as the green candles started to fade in the charts.

XRP daily chart

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The weekly chart of XRP is where things are reaching a critical moment at the moment. Earlier last month, when the asset crossed above its 2-year downtrend, the XRP army exhibited a lot of exhilaration, and they believed that XRP will end up taking over the $1 mark soon. However, after 4-weeks of sustaining a place above the downtrend, the token dipped below the trendline once again.

At the moment, it is important for XRP to reverse the downtrend again if the asset wants to keep its bullish hopes up. Another week below the resistance at $0.254 will be devastating for its long-term trend and XRP could be looking at the bottom of the barrel, come to the end of 2020.

Ripple’s XRP Price Prediction: $0.34 Could be Surpassed After “Golden Cross”

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Ripple’s XRP is currently a hot topic for the industry. After the decline on 1st August, most of the top assets registered significant dips but XRP has been able to recoup its value at press time. The valuation dropped from $0.32 to $0.25 but at the moment, it was worth around $0.30.

With the market consolidating all around, XRP might be heading towards another positive breakout in the charts. CoinmarketCap indicated XRP’s market capitalization to be at $13.75 billion, with a trading volume of $2.3 billion over the past 24-hours.

XRP Daily Chart

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A couple of positives can be taken from the above chart of XRP. Firstly, the token successfully moved past the resistance at $0.22 in the charts after a bullish Adam and Eve pattern was recognized in the market. An adam and eve chart pattern is a long-term shape that usually signifies the positive growth of a token. After moving past $0.22, the breach past $0.246 and $0.284 seemed like a formality for XRP.

However, after the recent collapse of 1st August, the rally was halted between the range of $0.284 and $0.340. At the time of writing, it seemed like XRP is probably going to stop at its current range but keeping an eye of the 50-day moving average, there is a possibility, the token is on its way above $0.340.

The chart exhibits the movement between 50-day Moving Average and 200-day Moving Average and considering 50-day MA moves above 200-day MA, a golden cross will be completed. The bullish momentum received from the golden cross might ignite XRP’s movement again, allowing the token to go above $0.340.

XRP hourly-chart

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Now, according to the one-hour chart, XRP continues to face resistance at $0.325 as Fibonacci resistance is strong at this point. Direct support at $0.288 suggested that a move below this range will be considered bearish.

For XRP, it is important to maintain a price above the support, so that the current build-up towards the completion of the Golden Cross is not abrupted by a sudden drop in price.

XRP Price Prediction: Overhead Resistance Continues to Restrict XRP Under $0.211

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The digital asset has been riding a bullish wave over the last few days. Bitcoin was leading the industry charge, and the major altcoins were following on its cue. XRP wasn’t really far behind in terms of registering growth, but the conundrum remains common in the charts. Specific resistance continues to be its trading dilemma as the 4th largest asset struggled to breach above the range.

At press time, XRP was valued at $0.205 with a market cap of $9.23 billion.

XRP 12-hour chart

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As observed in the charts, over the past two months, XRP has exhibited a bullish breakout after the price mediated within a descending channel for a period of time. The channel formed during the month of June had a longer time frame, whereas the channel pattern in July witnessed a quicker bullish breakout.

However, both times the price surge was shunted by a common overhead resistance. The 200-Moving Average(Orange Line) restricted XRP’s price hike again during the recent hike, as the price attained corrections at the time of writing.

The resistance of 200-MA is proving to be a strong barrier, stopping the price on four different occasions in the last few months. However, a consistent re-test is also a good sign for the token, as the asset is measuring its way to eventually breach past it. Now, considering that the asset is able to maintain its position between $0.211 and $0.200 over the next few days, XRP ‘s chances of crossing $0.211 will improve in mid-August. A drop below $0.200 puts the ball back in the bear’s court.

XRP 1-hour chart

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Although maintaining a position between $0.211 and $0.200 is appealing, it is important to note that the most active trading range for XRP has been between $0.195 and $0.200 since May. Hence, the higher bearish pressure is most likely to bring it down XRP to that range of $0.201 and $0.195.

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According to indicators, the Relative Strength Index or RSI remains on the favorable side of the bulls. If the buying pressure maintains a position above 50 index, there is a higher chance of consolidation above $0.200.

MACD remained bullish for XRP as the signal line(orange line) lagged behind the MACD(blue line) at the time of press.