- XRP’s daily chart shows a strong bullish bias. Swing traders may want to consider long positions.
- Some consolidation is expected in the near term over the next 12-to-24 hours.
Ripple [XRP] The number of transactions increased rapidly. The increase of micropayments on the XRP Ledger. The trading volume of the company was high.
South Korea has a lot to offer. 24-hour volume The XRP price was much higher than Bitcoin’s [BTC] On the 17th July. The bulls also defended an old resistance level as supportSet the scene for a second impulse to move higher.
XRP Bulls are gearing up for a rally of 20%
On the daily chart, there was an extremely bullish market structure. The support was changed to the mid-range at $0.585. The OBV also cleared local highs in May, signaling strong demand during the recent price rise.
The RSI is also above neutral 50, indicating a positive momentum. As it stands, XRP may be able to advance up to $0.71.
XRP dropped to as low as $0.54 in the early hours of Friday 19th July. It then jumped past $0.59. Inferred was that the $0.54 range, former yellow highs and $0.585 would be expected to provide support over the next few days.
A drop of this magnitude would have liquidated any longs that were overleveraged or bulls who had been late to the game. The price would then have been set for a sustainable upward move.
How to gauge the market’s position
Source: Hyblock
AMBCrypto analyzed the levels of liquidation and found that the price of tokens will likely continue to consolidate around $0.59. The total liquidation levels are slightly negative.
You can read more about it here Ripple’s [XRP] Price Prediction 2024-25
There was no clear-cut bullish or negative trend in the short-term levels of liq. It is possible that this could change in the trading session of Monday.
Based on the Monday market sentiment, a bullish reversal could begin at the $0.567 or $0.638 level.
Disclaimer: Information presented is the opinion and not financial, trading or investment advice.
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Source: ambcrypto.com
