XRP Price Prediction: Approaching Bullish Momentum?

• XRP price is indicative of bullish sentiment.
• XRP is up by 60% after a consolidation within one month.

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According to reports, by 2030, blockchain technology may possibly save financial institutions $10 billion in expenditure that is associated with international payments.

Will XRP Price continue to rise?

Source: XRPUSDT 1D Chart by TradingView

In the previous year, from February until 2022, the price of XRP had fallen significantly. Subsequently, the market was in a consolidation phase from July 2022 to July 2023. Following this, the price of XRP had managed a huge volume candle breakout of the resistance level of $0.5771 USDT, thereby forming a Descending Triangle pattern. XRP price then moved to the resistance level of $1.9380 USDT. After the rise in XRP’s price, t there was a pullback to its support level at $0.67331 USDT. The current price of XRP is taking support at the $0.6731 USDT level as a retest. From here, we can expect an upward move until the next resistance level at $1.3700 USDT.

Will XRP price take the support of the trending EMA and Fib Retracement?

 Source: XRPUSDT 1D Chart by TradingView

As we can see in the previous time around March 2022, there was a crossover of the 50 and 200-day exponential moving averages (EMA) on the chart around March 2023, which was an indication of an upward move. From that point in time, the price started to move in an upward direction and then the price had managed a huge candle breakout and currently both the EMAs are in upward direction, which are positive signs of a bullish momentum. Currently, the 50-day EMA is at 0.6199 USDT and the 200-day EMA is at $0.5093 USDT. If a bullish candle forms and takes support on both the 50-day exponential moving average (EMA) and the 200-day EMA, it could indicate a potential upside move. In such a scenario, the price might have the potential to reach its next resistance levels at $0.9210 USDT and $1.0973 USDT.

Source: XRPUSDT 1D Chart by TradingView

Based on the Fibonacci retracement, the price is currently holding above the 0.5 level, which is considered a significant level for potential upward movement. This suggests that there is a possibility of further price appreciation from this point.

Analyzing the XRP long/short ratio on July 31, 2023, it shows that the long positions is 51.63% in the market, while the short positions is 48.37% in the market. This indicates that the buyers (long positions) currently dominate the market scenario, signaling a bullish sentiment among traders.

Conclusion

XRP price is currently trading at its support zone and is consolidating for the base formation. If the price sustains at the support zone, a good upside momentum is expected.

Technical levels

Resistance levels: $0.9210 and $1.0973

Support levels: $0.6731

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.