XRP Sustains Solid Momentum To $0.37 In All-Green 7-Day Climb
29 Juillet 2022 - 6:10PM
NEWSBTC
Ripple (XRP) has walked the last mile after it waded lows at $0.326
and surged by 16% in the last 48 hours. While everything is looking
green and bullish, XRP is still faced with the $0.381 resistance,
and if the coin fails to shoot over that means a correction is
looming. A candlestick close that goes under $0.381 can debunk the
bearish outlook for XRP. Ripple price showed colossal strength as
it ricocheted off a support zone that hereinafter triggered a
bullish streak seen in the past two days. While it was
looking extremely bullish as it was able to sustain its momentum at
$0.37, investors can’t be overconfident as the recent rally could
lead to a retracement or an extension. XRP Pulls Off 16% Surge In
48 Hours Ripple price was able to puncture right below the trend
line which indicates buying pressure has paused. Even so, Ripple
was able to pull around after soaking it up at $0.326. This
evidently stirred up a 16% surge in a little over 48 hours. XRP
price may either go above $0.381 and make that as a support line or
possibly retrace and retest the $0.340 zone. Looking at the current
market sentiment, a retracement is more likely to happen if the BTC
price goes for a u-turn. In effect, the XRP price can always fall
back to the $0.340 support zone. Now, if the barrier or resistance
zone is breached, the Ripple price may plunge to the $0.326 level.
However, in the event that Ripple price forms a daily candlestick
that goes above o$0.381, then this invalidates the bearish
confluence. With this development, the XRP price can spike towards
$0.439. Can XRP Go Around The Bearish Divergence Pattern? Ripple is
currently painting a bearish divergence formation which should be
taken seriously. The only way to go around the divergence is for
the XRP price to plunge or if the XRP price can successfully
increase and bypass the invalidation point seen at the $0.48 line.
A warning was recently issued on July 26 as the XRP price was
jilted from a trend line that dates back to April of last year. In
effect, a $0.24 target was announced which is based on Fibonacci
and Elliot Wave projections. On July 27, the Ripple price was seen
to go into reverse with an upsurge in volume and an extreme bullish
candle. Moreover, a 3-day morning star pattern was formed which
encourages traders to remain glued to bullish targets. XRP price
may go as high as $2 or even $10 one fine day. However, right now,
being overconfident about this can be extremely risky profit-wise.
XRP total market cap at $17.9 billion on the daily chart | Source:
TradingView.com Featured image from Medium, chart from
TradingView.com
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