in

Ripple price analysis: XRP heads for $0.7500 psychological resistance

Cryptopolitan


TL;DR Breakdown

  • Ripple price analysis indicates XRP has slowed down after reaching a peak in price recently.
  • An alliance with Uphold means XRP debit cards will be available from all over the world about their collaboration as per Uphold and GlobaliD.
  • It also signals an upcoming uptrend but requires breaking $0.785 for the next rally

The XRP price has been trading higher than two of its key support levels, and testing either of these barriers might cause a rise that will break this range and climb to new highs. Uphold plans to launch XRP debit cards that offer cash back in the form of XRP tokens.

According to Uphold, a digital money platform, they partnered with GlobaliD, a digital identity company. Their newest innovation is the XRP debit card made by Mastercard, and it pays consumers 5 percent of their purchases in XRP tokens. Fortunately for us foreigners who don’t understand or see the point of Ripple (XRP), this is a significant development in Ripple price analysis.

The XRP debit card allows individuals to convert currencies and cash out in fiat, or XRP. News that the SEC and Ripple have agreed to a settlement is positive for XRP, which will promote the adoption of digital currencies. The said case has been dismissed according to this agreement.

Ripple price movement in the last 24 hours: Moving past the $0.7330 level

Ripple price chart by TradingView

Ripple had a substantial upswing, but it has since slowly been backpedaling, sloped downwards according to Ripple price analysis.

Since XRP’s price doesn’t seem to be retesting 0.689, the investors can expect a strong rebound after the first sign of any retest on any key support level below 0.689 or on the demand zone below it that extends from $0.625 and $0.671

The resulting bull rally must slice through $0.785 and turn it into a support level to confirm the subsequent rise higher as per Ripple price analysis.

If that happens, $0.90 is possible (about a 30 percent increase from $0.689). In a very bullish case of Ripple price analysis, the level of $1 might be re-tagged. If the price of XRP remains below $0.623 during retesting, this will indicate waning demand among retailers and a likely drop to $0.590.

XRP/USD 4-hour chart: XRP rides in ascending price channel

Ripple price analysis: XRP heads for $0.7500 psychological resistance 2
Ripple price chart by TradingView

The XRP is within an ascending price channel and has reached the 200-day moving average, but it seems unable to maintain that high.

The crypto realm shows a bullish flag pattern as buyers attempt to defend the lower angle of the flag. Typically, these flags break out towards the upside while momentum from RSI on a daily chart is not bearish; however, if this trend changes, it may be an indication that prices will reverse quickly.

The $0.658 price level is the first strong support level below $0.7 (50-day MA). The RSI is going down according to Ripple price analysis. This means that the bullish momentum is fading.

Ripple price analysis conclusion: XRP poised to move higher albeit gradually

On July 29th, the price of XRP went up. On this day, it was higher than $0.733 and also higher than the 50-day moving average. It is close to a very high price and also close to touching a neckline for an inverse head-and-shoulders pattern that has been happening for many days.

Over the last few sessions Ripple price analysis shows that the XRP has been trending lower. This trend is also represented in the charts as an adjustment in price versus time, suggesting that Ripple’s more resilient underlying demand might be present.

The double bottom pattern we analyzed projects a price target for the next wave of movement to be highly bullish. Most traders expect this resistance level to happen before the coin reaches $1,000.

To break the $1 milestone and edge higher along a resistance line, XRP needs to maintain at least a 200-day moving average of $0.783 or higher. Once that is cleared, the technical analysis predicts an increase from $1 to about $1.06 with a 36 percent profit gain for all existing Ripple investors.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Cryptopolitan

Bitcoin price analysis: BTC/USD on course to cross $45k resistance

Cryptopolitan

Ethereum price analysis: ETH/USD sets eyes on $2,900 after London hardfork