XRP Price Movement Analysis for 23rd July, 2021

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At the time of writing, recovery had set in across the cryptocurrency market, with XRP already bouncing from the lows of $0.5156 to $0.5946. This was a rally worth 15.60%, with XRP likely to be in a position to expect an 11% appreciation in its value soon.

XRP 12-hour chart

Although XRP has been consistently bearish over the last few months, the current rally on its charts has pushed the altcoin’s market to pursue a brief period of bullishness. However, the aforementioned bullishness remains conditional.

Reasoning

The ongoing price trend shift drew altcoin bulls to the market. However, a scuffle may become more visible and apparent in the coming trading sessions before the digital asset moves again on the charts.  In fact, the altcoin’s price was close to the $0.6058 resistance level. If the price breaks through this level, the bulls will have the upper hand, and the price may rise to $0.6747.

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The market’s volatility had decreased at the time of writing, with the surging price pushing the signal line [Orange line] under the candlesticks. This finding indicated an increase in upward pressure. In fact, the Directional Movement Index on the chart confirmed this.

The -DI converged with the +DI, and the two lines were at a point of crossover at the time of publication. However, the ongoing battle between buyers and sellers ensured that the DMI was in a state of equilibrium. The Awesome Oscillator, on the other hand, indicated that buyers are currently filling their bags.

Traders’ interest has grown in tandem with the increase in buying momentum. This could help the price surge to $0.6747 on the price chart by inverting the bearish trend to a bullish one.

 

Crucial levels to watch out for

Entry-level: $0.6073
Take Profit: $0.6747
Stop-level: $0.5860
Risk and Reward: 2.15

Conclusion

The current XRP market is at a crossroads. At press time, the buying and selling pressures were tallied, but the price level may attract more buying pressure because there is more upside to be had for XRP’s local high. The increase in buying pressure for Bitcoin may also drive gains in the XRP market.

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