XRP price at $1? Health Retracement prepares crypto buyers for the next jump

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Posted 11 hours ago

Following a notable development in the ongoing legal dispute between Ripple and the Securities and Exchange Commission (SEC), the price of XRP saw a massive surge on July 13 and hit yearly resistance at $0.92. However, a large short-term rally usually attracts a minor correction to replenish bullish momentum. Can XRP price continue its bull run above $1?

Also Read: Missed the XRP Rally? Catch the next bullish swing in these Altcoins

Daily XRP Price Chart: Morning Star Candle Pattern at $0.685 Indicates Buyers Defending Recently Recovered Levels Post-Correction Rally May Strengthen Buyers May Challenge Resistances at $0.78 or $0.911% loss.

Source: commercial view

After encountering resistance at $0.9118, XRP price saw a strong reversal and fell 25% to retest the nearby support level at $0.685. This horizontal level, along with the 38.2% Fibonacci retracement level, provides a strong foundation for buyers to sustain a bullish rally.

Regardless, a post-correction rally is generally beneficial for a long-term rally as it stabilizes mounting selling pressure and recovers spent bullish momentum. With an intraday gain of 4.3%, the coin price rebounds from the $0.685 support and shows the formation of a morning star candle pattern.

This bullish reversal candle hints that the buyers might push back the barriers at $0.78 or $0.911.

Will XRP price regain a milestone of $1?

The price rejection candle below $0.685 indicates that the buyers are getting strong support from this level. While this support may help buyers to hold higher positions, it is less likely that the price of XRP will see another rapid growth of 30% to $1 without favorable news. Thus, coin holders might witness a consolidation phase until the uptrend stabilizes.

Exponential Moving Average: XRP price trading above the daily EMAs (20, 50, 100 and 200) indicates an extended rally. Relative Strength Index: The daily slope of the RSI at 72% indicates that market sentiment is very bullish

For 5 years I have been working in journalism. I have been following Blockchain & Cryptocurrency for 3 years. I’ve written on a variety of different topics including fashion, beauty, entertainment, and finance. Contact me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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