XRP is the 6th largest cryptocurrency by market value, recorded a rise above the market average on the news that the Ripple announced ODL remittance system will start operations in Japan.
Starting the day with a price of $ 0.645, the altcoin rose by 15 percent in the morning to $ 0.748. At noon, some selling keeps XRP moving in the $0.72 band. However, the upward trend continues.
After the low of $0.5157 on July 20, XRP bulls took action and XRP is in a short-term uptrend with the majority of the market. The positive news about XRP today was the catalyst for the altcoin to diverge from the market and gain more value.
The daily chart of XRP/USDT shows that the 21-day EMA from July 24-25 is forming a short-term resistance. Breaking this dynamic resistance price increased the gains. Also, with today's rise, the 8-day EMA has crossed above the 21-day EMA, which may add to the bullish sentiment in the market.
If we look at the targets in front of XRP; We can see that this bullish move can push the coin up to the 0.7546 – 0.8161 range. Coinciding with the middle of this range and also from the Fibonacci expansion levels, the Fib 1.414 value of $ 0.7798 can come across as the strongest resistance in the current trend.
In the lower zone, today, the last short-term high at $0.7062 could work as a support in case of a possible pullback. A break down could take the altcoin as low as the 8 and 21 EMA intersection, $0.6380.
Parabolic SAR signals have been working to support the bullish 3 days. The Stochastic RSI is at the top of the overbought zone and looks like it has stalled. Swelling of the Stoch RSI above 80 will keep XRP on track with constraint corrections, but a break below this value could extend the correction period.
Finally, we can summarize the current support and resistance levels for XRP/USDT as follows.
Support levels: 0.7062 – 0.6680 – 0.6380
Resistance levels: 0.7546 – 0.78 – 0.8161
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Disclaimer: The information in the content is not an investment advice. Author is not responsible for your profit or loss. Every investment involves risks and requires knowledge.
Posted Using LeoFinance Beta