SNEAK PEEK

• Ripple price analysis displays bullish market sentiment.
• XRP is exchanging hands at $0.8100, a gain of 3.39 percent.
• XRP has formed a triangular ascending channel on the 1-day chart.

The most recent XRP price analysis shows a strong bullish sentiment in the market. The digital asset saw an impressive surge on July 13 following the court’s ruling that XRP is not a security. Ripple gained over 60 percent, with the price touching the $0.8700 level before retracing toward the $0.7000 level again, where it consolidated. After an extended period of consolidation around the $0.7000 level, XRP broke out of this pattern and surged past $0.8000 today.

At press time, XRP is exchanging hands at $0.8100, recording an increase of over 3 percent in the past 24 hours. Resistance and support levels for XRP are present at $0.8468 and $0.7745, respectively. The buying pressure is intense as the buyers aim to achieve the next major resistance of $0.9500. The support level at $0.7745 is expected to hold strong to achieve the bullish target.

Ripple’s market capitalization has reached a value of $42.4 billion, while the daily trading volume has shown an impressive increase of 5.73 percent. The daily trading volume currently stands at $3.63 billion, up from yesterday’s close of $3.95 billion. XRP is ranked fourth among the top digital currencies, after Bitcoin, Ethereum, and Tether.

The crypto market has experienced a shift today, with most of the coins trading on the green side. While XLM is leading the pack with a surge of over 17 percent, LINK follows closely behind with an increase of 16.14 percent. Major coins such as BTC and ETH also see slight increases of 1.05 percent and 0.52 percent, respectively.

The technical analysis for Ripple shows that XRP has formed a triangular ascending channel, which indicates a strong bullish pattern soon. The Relative Strength Index (RSI) is overbought, indicating that XRP could see some selling pressure soon if the bullish momentum fails to sustain.

The Moving Average Convergence Divergence (MACD) indicator is also positive, suggesting that XRP could continue its bullish move. The histogram is positive and increasing, indicating that XRP could break the resistance level soon. The 9-day EMA is trending below the current price, indicating that the bulls are in control.

Overall, Ripple price analysis displays a strong bullish sentiment in the market. If the buyers can keep up the momentum, XRP could reach new highs soon. XRP should close above $0.8000 to sustain the bullish momentum. If the buyers fail to sustain their pressure, XRP could return to support at $0.7745.

Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.

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• Source: https://investorbites.com/ripple-xrp-price-analysis-20-07/