Technical Analysis for XRPUSD for 21st July 2022
Ripple Adds 12% Week-to-Date, XRP Finds Resistance at $0.38
Past Performance of XRP
XRP prices are down six percent in the last 24 hours and up double digits week-to-date. Overall, traders are still confident and expect more gains in the short term despite stagnation on July 20. A notable observation on the last trading day is the failure of bulls to breach the primary, multi-week liquidation level at around $0.38. For the uptrend to be valid and the upside momentum to be sustained, prices must pierce above this resistance level, ideally with rising trading volumes.
Ripple Technical Analysis
The path of least resistance remains southwards from a top-down preview. Aforementioned, the uptrend will take shape if buyers overcome to break above the immediate sell wall at $0.38 with expanding trading volumes. A breakout will invalidate bears of the first half of June 2022 and cancel the bear continuation pattern following the free dive of prices to 2022 lows. A close above this mark will pave the way for further advancement towards $0.45. Conversely, rejection from $0.38 will complete a retest of May 2022 lows and possibly bear trend continuation in the short term with a target at June 2022 lows of $0.30.
What to Expect from XRP
Buyers are upbeat, but the slow down at critical, multi-week resistance levels signal possible weakness. How prices react at around the $0.38 to $0.40 resistance zone would likely shape the short to medium-term trend.
Resistance level to watch: $0.38
Support level to watch: $0.30
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