Technical Analysis for XRPUSD for 1st August 2022
Ripple in a Breakout Formation, XRP Bulls Eyeing $0.45
Past Performance of XRP
Ripple buyers are firm, and prices are in a bullish breakout formation, reading from the candlestick arrangement in the daily chart. At spot rates, XRP prices are up roughly 38 percent from 2022 lows, adding 10 percent in the previous trading week. Technically, XRP is within a bullish formation following gains above the $0.37 resistance level on July 30. Since prices are steadying and buyers are rejecting bear attempts, the odds of further expansion in the short term are high.
Ripple Technical Analysis
XRP prices are in a bullish breakout formation, as mentioned earlier, trading within a bullish breakout formation. The surge on July 30 also has decent trading volumes, pushing the coin above the $0.37 resistance level. Since prices on July 31 were relatively stable and above $0.40, traders may find loading opportunities on dips above $0.37 with targets at $0.45 in the short term. Further gains may lift XRP towards $0.58, or January 2022 lows, in a bullish continuation formation. On the reverse side, any price dump below previous resistance, now support, at $0.37, may slow down the uptrend with confirmation of sellers qualifying the July 30 bar as a bear trap.
What to Expect from XRP
Per the XRP candlestick arrangement, buyers are determined, and there could be more gains in the short term. Therefore, aggressive Ripple traders may look to ride the uptrend and recent breakout, targeting critical reaction points in the short term.
Resistance level to watch: $0.45
Support level to watch: $0.37
Disclaimer: Opinions expressed are not investment advice. Do your research.
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