Ripple adds 12% week-to-date, XRP Finds Resistance at $0.38
Past Performance of Ripple
XRP prices are down six percent in the last 24 hours and up double digits week-to-date. Overall, traders are still confident and expect more gains in the short term despite stagnation on July 20. A notable observation on the last trading day is the failure of bulls to breach the primary, multi-week liquidation level at around $0.38. For the uptrend to be valid and the upside momentum to be sustained, prices must pierce above this resistance level, ideally with rising trading volumes.
#Ripple Technical Analysis
The path of least resistance remains southwards from a top-down preview. Aforementioned, the uptrend will take shape if buyers overcome to break above the immediate sell wall at $0.38 with expanding trading volumes. A breakout will invalidate bears of the first half of June 2022 and cancel the bear continuation pattern following the free dive of prices to 2022 lows. A close above this mark will pave the way for further advancement towards $0.45. Conversely, rejection from $0.38 will complete a retest of May 2022 lows and possibly bear trend continuation in the short term with a target at June 2022 lows of $0.30.
What to Expect from #XRP?
Buyers are upbeat, but the slow down at critical, multi-week resistance levels signal possible weakness. How prices react at around the $0.38 to $0.40 resistance zone would likely shape the short to medium-term trend.
Resistance level to watch out for: $0.38
Support level to watch out for: $0.30
Disclaimer: Opinions expressed are not investment advice. Do your research.
XRP prices are down six percent in the last 24 hours and up double digits week-to-date. Overall, traders are still confident and expect more gains in the short term despite stagnation on July 20. A notable observation on the last trading day is the failure of bulls to breach the primary, multi-week liquidation level at around $0.38. For the uptrend to be valid and the upside momentum to be sustained, prices must pierce above this resistance level, ideally with rising trading volumes.
#Ripple Technical Analysis
The path of least resistance remains southwards from a top-down preview. Aforementioned, the uptrend will take shape if buyers overcome to break above the immediate sell wall at $0.38 with expanding trading volumes. A breakout will invalidate bears of the first half of June 2022 and cancel the bear continuation pattern following the free dive of prices to 2022 lows. A close above this mark will pave the way for further advancement towards $0.45. Conversely, rejection from $0.38 will complete a retest of May 2022 lows and possibly bear trend continuation in the short term with a target at June 2022 lows of $0.30.
What to Expect from #XRP?
Buyers are upbeat, but the slow down at critical, multi-week resistance levels signal possible weakness. How prices react at around the $0.38 to $0.40 resistance zone would likely shape the short to medium-term trend.
Resistance level to watch out for: $0.38
Support level to watch out for: $0.30
Disclaimer: Opinions expressed are not investment advice. Do your research.
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