Lokesh Gupta
10-07-2023
On the daily chart, XRP shows a promising local uptrend with higher lows and higher highs after a bottom in June 2022. However, it recently encountered resistance at a double top pattern and pulled back. It's important for XRP to hold support above the May 2023 low to avoid potential decline towards $0.32-$0.30. Breaking above the local high would be bullish.
Over the past two weeks, XRP has been relatively quiet in the market. While it previously showed consistent bullish performance, the overall trend has shifted downwards. However, there is still a presence of bullish sentiment, indicating potential for a recovery. Traders can explore opportunities between the $0.46 support and $0.49-$0.50 resistance levels. Despite a bearish market structure, the $0.46 support has been strongly defended by buyers. The OBV indicator reflects a slow downtrend, suggesting sellers have an advantage. The RSI has been below 50, indicating bearish momentum. Nevertheless, the bulls have shown resilience in protecting the $0.46 zone.
According to Price Analysis, Market capitalization of XRP is around $24,459,870,775. Additionally, the trading volume over the past 24 hours has been approximately $435,481,131.
KEY LEVELS :
RESISTANCE LEVEL : $0.4970-$0.5100
SUPPORT LEVEL : $0.4770-$0.4650
Will the breakout during XRP's attempt to fight the short-term downtrend lead to an upward surge? Can XRP surpass the $0.50 mark and potentially reach $1 in the near future, or is a reversal more likely to occur? Please share your views in the comments below.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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