XRP, the digital asset majorly distributed by Ripple, has shown signs of bullishness despite ongoing consolidation, according to prominent crypto analyst WallStreetBulls. The analyst has identified critical support and resistance levels to closely monitor for XRP’s potential upward trend.
Amidst sustained consolidation, XRP has displayed positive indicators on its daily chart, as pointed out by WallStreetBulls. The emergence of green arrows, a technical analysis tool used to identify upward price movements, suggests that XRP may be headed toward bullish territory.
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To sustain its upward momentum, XRP must overcome significant resistance levels determined by historical selling pressure. WallStreetBulls highlighted three crucial price points that XRP needs to breach for a sustained bullish trend. These levels are $1.08274, $0.96644, and $0.89124. The last time XRP encountered these zones was during the astronomical surge triggered by Judge Analisa Torres’ verdict on July 13.
Furthermore, WallStreetBulls emphasized critical support levels that may act as a bottom for XRP’s price in a potential downtrend. Currently, the support levels stand at $0.70410, $0.59216, and $0.51296.
These levels could provide support and potentially halt further losses if XRP experiences additional downward movement. After a 0.90% drop today, XRP is now trading near the support level at $0.70410.
WallStreetBulls also identified a crucial pivot point for XRP at $0.77930, which serves as a potential turning point in the market based on the asset’s previous high, low, and closing prices.
The analyst also considered the Bollinger Bands, a tool used to measure price volatility. The upper band sits at $0.61347, while the lower band remains at the $0.52516 price. These levels provide insights into potential price targets for XRP’s movements. Currently, with a price above $0.70, XRP has moved into overbought territories, potentially signaling a bearish sentiment.
Read Also: XRP Price Analysis: This Technical Analysis Shows Bullish Outlook and Key Levels To Watch
A Florida-based blockchain enthusiast suggested that the resistance level appeared closer to $0.73 based on recent price action. WallStreetBulls acknowledged the varied perspectives of traders and emphasized the importance of staying alert to market changes.
Currently, XRP is trading at $0.7066, experiencing a slight decline over the past 24 hours. Despite facing opposition at $0.73 and failing to reclaim the $0.74 territory after dropping from $0.7430 four days ago, XRP continues to exhibit potential for bullish movements.
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