Ripple Coin's Upward Surge Runs Out of Steam at $0.78. Has XRP Found Its Support Level?

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XRP faces retracement as bears limit its price, despite recent positive performance and hope of a potential return to its all-time high value.

XRP’s rally faces resistance at $0.78, trading at $0.77 with a 3% decline in the last 24 hours and a 35.2% decrease in trading volume, possibly signaling a potential end to its recent rally and a bearish trend.

XRP Retraces from Overbought Region As Bears Re-enter The Market

XRP is currently in a downtrend, forming a second consecutive red candle on the daily chart after a recent rally.

It is trading below the trend line as bearish pressure persists, leading to a retracement below $0.78.

Despite the retracement, it remains above its 50-day and 200-day Simple Moving Averages (SMA), indicating short and long-term bullish sentiment.

However, the Relative Strength Index (RSI) value of 68.87 is close to the overbought region 70, and the buying pressure is dropping, suggesting bearish pressure may limit XRP’s price.

The Moving Average/Convergence/Divergence (MACD) is above its signal line, signaling a bullish sentiment, but the fading MACD Histogram bars indicate a possible bearish reversal.

XRP Meets Stiff Resistance At $0.82

XRP’s price remains around $0.77 after facing bearish pressure at $0.82062, causing a downtrend.

The $0.745635 support level will be crucial if bearish pressure persists, but strong support at $0.71529 suggests it will likely stay above $0.74535. The current descending movement indicates a possible short-term retracement before a potential bullish rally.

Although it has seen a 118.3% increase this year, past price behavior suggests a significant market correction might occur in the coming weeks before another rally.

Investors should be cautious and conduct thorough research and risk analysis due to the volatility of cryptocurrencies.

Factors Influencing XRP’s Price

Several factors could influence XRP’s price. Here are the recent trends surrounding the Network.

Ben Armstrong Bullish on XRP

$15 is reasonable I believe over 18 months or so.

If they IPO and time it correctly, could be up to $35 imo.

Make no mistake… it may not go that high… but $XRP IS breaking an all time high this cycle save some sort of pointless, vindictive SEC appeal. (Low chance) https://t.co/rrMCuOacrE

— Bitboy Crypto (@Bitboy_Crypto) July 19, 2023

Crypto influencer Ben Armstrong predicts XRP will reach $15 in 18 months and could spike to $35 if they conduct an IPO at the right time; however, he added a disclaimer that XRP may not reach that high, but it will likely break its all-time high cycle unless the SEC launches a vindictive appeal.

Ripple Labs References Landmark Victory In SEC Lawsuit

In a July 19 blog post, Ripple Labs referred to their recent victory in the SEC’s case. Citing the ruling and the declaration that XRP is not a security, they stated that the case marks a historic landmark in the history of cryptocurrencies.

Consequently, XRP price soared to the $0.9 price level at some point before its current retracement. This victory led to top exchanges such as Coinbase re-listing XRP while others revealed their plans to do the same.

The attention from top exchanges will likely boost XRP’s price in the coming weeks to reclaim the $0.9 price level.

XRP Alternatives

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