XRP, one of the largest communities in the cryptocurrency sector, has experienced an incredibly eventful few weeks, and this volatility seems to continue for a while longer. Following the news of the Ripple and SEC lawsuit, XRP witnessed a staggering 100% increase, only to lose 25% of its gains and settle around the $0.70 mark. So, what lies ahead for XRP’s price, and what is its current situation?
The current decline in XRP’s price, starting from $0.91, can be seen as a correction. These corrections appear to be quite healthy and can be considered as key elements for long-term growth. Specifically, when looking at XRP, it is observed that the price has reached a 32.8% Fibonacci retracement level with a 26% decrease. This critical point at $0.65 is an incredibly important support for XRP, and breaking below it seems challenging considering the current volume and trends.
In the past few days, XRP’s price has shown stability above this level, which is interpreted as a positive sign. However, the future movements of XRP’s price remain uncertain.
On July 16, XRP formed a morning star formation above the $0.65 support. This candlestick formation is interpreted as a potential reversal of the downtrend and the emergence of bullish momentum. This suggests that the decline in XRP, starting from $0.91, may have come to an end. With the strength gained from this support, XRP investors could potentially open the door to a new upward movement.
The critical levels above this include $0.91 and $1. A sustained hold above $1 could bring about a significant rally towards an all-time high. In such a scenario, XRP’s price wouldn’t be the only one affected, as other altcoins could also experience similar movements. The Bollinger Bands indicator also signals an upward momentum, supported by the RSI. In short, all indicators currently point towards a positive situation for XRP, indicating that it may be time for investors to buckle up.