XRP Long-Term Price Analysis: 22 July

0
XRP 4

 319 total views

Disclaimer: The following price prediction foresees a little bit of volatility as a breakout may occur under a week.

After its recent ascend to over $0.193, XRP was able to resist an instant correction below the support, but over the past few days, the asset was hinting towards the possibility of a dip. With the collective digital asset market riding a minor bullish wave, it could be minor bump before another surge takes the asset above $0.211 for the first time since May.

At press time, XRP was valued at $0.196 with a market cap of $8.8 billion in the charts.

12-hour chart

Source: XRP/USD on Trading View

At first glance, XRP’s current price movement is giving rise to a descending triangle, which suggests that the asset may entertain another pullback below $0.193. Considering the asset has been consistently thwarted by the 200-Moving Average over the past month, the consistent selling pressure has been a major factor. However, VPVR suggested that the asset may have found partial support at $0.196 as well, which may assist the token to retain its current position above $0.193.

The depreciating trading volume is not a good sign but it is reaching a point from where a reversal can be expected.

Source: XRP/USD on Trading View

Now, taking an alternative approach to its movement, XRP can also be seen to have oscillated between a descending channel. The price remains towards the upper end of the trendline, which is a positive sign. If a pullback does persist in the charts, a case can be made that immediate bounce-back might take place from resistance at $0.193. A possible climb towards $0.211 remains a fairly achievable target but the presence of overhead resistance at $0.20 may have a part to play.

Improving bearish pressure could also take the valuation down to $0.186 before it catches another bullish wind.

Source: XRP/USD on Trading View

Market Indicators remain contradictory for the asset. MACD, even though bearish, indicated the potential for a bullish reversal as the blue line and red line maintained close proximity in the charts. Relative Strength Index or RSI is on a decline at the moment, exhibiting pressure from the seller but unless the index drops below 43, a bullish outcome is still in the cards by the end of July.

Conclusion

XRP’s price may attain another bullish rally towards $0.211 but an imminent re-test at $0.193 or $0.186 may take place over the next 10-14 days.

Let’s block ads! (Why?)

Disclaimer:

Blockcast.cc does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice or recommendations. Every investment and trading move involves risk, you should conduct your own research when making a decision.