Published 1 hour ago
After a massive jump on July 13th, the XRP price witnessed a minor correction starting from the $0.937 high. This bearish pullback tumbled the prices 36.7% but found immediate support at the 38.2% Fibonacci retracement level. This FIB level aligned with $0.68 support created a strong demand pressure and replenished the exhausted bullish momentum for further rally. Can this post-correction rally push the XRP price above $1?
Also Read: XRP Price Looks Beyond $1, Analyst Predicts Groundbreaking Rally To $27
XRP Price Daily Chart:
- The $0.937 stands as crucial resistance against coin buyers
- Post-correction rally hints 16.6% rally to hit $0.911 resistances
- The intraday trading volume in the XRP is $3.2 Billion, indicating a 29% gain.
Source: Tradingview
On July 16th, the XRP price rebounded from the 38.2% FIB level with a bullish reversal morning star candle pattern. A correction to the aforementioned retracement level is considered healthy to recuperate exhausted bullish momentum and lead a long-term bull trend.
In the last five days, the coin price surged 15% and breached the immediate resistance of $0.778 near the 23.6% FIB level. As of now, the XRP price trades at $0.8, and if the daily candle closes above the reclaimed resistance, the buyers will gain additional support to prolong to $0.937 swing high.
The $0.937 resistance is crucial for the crypto buyers, as a breakout above will give suitable confirmation for uptrend continuation above $1.
Will XRP Price Reclaim $1 Milestone?
If the market conditions remain uncertain, rejection signs at $0.937 resistance will reflect the possibility of a bearish reversal pattern called a double top. The pattern formation could undermine the bullish thesis and trigger significant correction below the $0.68 support.
- Moving average convergence divergence: A significance spread between the MACD(Blue) and signal line(orange) in a bull crossover state indicates a bullish uptrend is intact.
- Average Directional Index: The high value of the daily ADX slope(42%) indicates instability in the current bullish trend.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/xrp-price-regains-bullish-momentum-time-to-surpass-1/