Technical Analysis for XRPUSD for 26th July 2022
Ripple Swings Bearish as XRP Reverses from Critical Resistance at $0.39
Past Performance of XRP
XRP prices are lower when writing, retracing from last week's highs. At spot rates, prices are trending inside a broader $0.09 trade range with caps at $0.30 on the lower end and $0.39 on the upper end. The failure of bulls to clear the primary resistance points to weakness, a bearish formation.
Ripple Technical Analysis
The path of least resistance is southwards from a top-down analysis, but this can change if prices surge above $0.39 and $0.40. Thus far, there are lower lows relative to the upper BB coinciding with the bounce from the critical support pointing to waning upside momentum. Clearly, the bar of July 25 is with high trading volumes, possibly signaling local tops. Per this arrangement, aggressive traders may unload any attempt higher with safety nets at around $0.40. If bears press on today, Ripple prices may crumble below the middle BB, towards $0.30 in the short term.
What to Expect from XRP
Fundamental factors on Ripple may be solid, but that has failed to translate to higher prices as per the formation in the daily chart. The immediate liquidation level is at $0.40. It must be broken for the buy trend continuation set in motion in the first half of last week.
Resistance level to watch: $0.39
Support level to watch: $0.30
Disclaimer: Opinions expressed are not investment advice. Do your research.
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