XRP is showing signs of an intraday rebound after an aggressive selloff, currently trading around $1.8898 following a bounce from a sharp low at $1.6134. The market is attempting to recover but faces key technical obstacles and conflicting signals across multiple lower timeframes.
Key Price Patterns Across Timeframes
- V-Shaped Recovery (1H / 30M):
The recent price action shows a sharp V-bottom reversal from the $1.66 level, often interpreted as a sign of aggressive dip-buying. However, unless this is followed by sustained higher lows, it could end up as a dead cat bounce.
- Bearish Continuation Flag (15M):
Earlier in the move down, XRP formed a textbook bearish flag on the 15-minute timeframe, breaking below the $2.00 support. This break initiated the swift decline to $1.66. Price is now retesting this breakdown zone.
- Potential Double Bottom (5M):
On the 5-minute chart, there is the early formation of a double bottom near $1.66, but confirmation would require a break above $1.90–$1.95 with volume.
Key Technical Indicators
- Bollinger Bands (20 SMA):
On the 1H chart, the price violently stretched beyond the lower Bollinger Band and then rebounded sharply toward the upper band, indicating volatility expansion. However, it faces resistance at the 20 SMA zone (~$2.00), which could act as a ceiling.
- MACD (12, 26):
The MACD histogram on the 1H has flipped positive, with the MACD line attempting to cross above the signal line from a deeply negative level — a short-term bullish sign. On the 15M and 5M charts, this crossover has already occurred, supporting the current bounce.
- RSI:
On the 1H timeframe, RSI has bounced from oversold (sub-30) to near-neutral (~46), showing a modest momentum recovery. However, it hasn’t yet reached bullish territory (>60), which suggests caution. On lower timeframes (15M/5M), RSI is rising rapidly, but a potential bearish divergence could emerge if momentum fades.
- Volume:
The volume spike on the bounce off $1.66 is noteworthy — this implies genuine interest from bulls in defending that level. However, volume is tapering as price approaches resistance, which could lead to a reversal if not supported by renewed buying pressure.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Key Support and Resistance Zones
- Immediate Resistance: $2.00 / $2.08 / $2.04 (prior breakdown point)
- Next Resistance: $2.15 / $2.25
- Immediate Support: $1.83 / $1.75
- Major Support: $1.66 (intraday low)
Fundamental Backdrop
XRP’s fundamental picture remains mixed. The legal clarity from the Ripple-SEC case previously gave XRP bullish momentum, but broader market sentiment has cooled off. Bitcoin dominance rising again suggests capital rotation out of alts. Until there’s a strong XRP-specific catalyst — such as Ripple’s payment integrations or new institutional adoption — the market is likely to mirror macro crypto sentiment.
Moreover, recent economic data and FOMC commentary hint at prolonged higher rates, which generally suppress speculative asset inflows — including altcoins like XRP.
Prediction
XRP’s recovery is impressive in the short-term, but technicals show this may only be a temporary relief unless bulls reclaim $2.08–$2.15 with conviction. Failure to break above $2.00 resistance could lead to renewed selling toward $1.75 or even $1.66 again. Intraday traders should watch the $2.00 zone closely — a breakout could target $2.25, while a rejection opens downside risks.
Short-term bullish but at critical resistance — market decision point ahead.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on X, Facebook, Telegram, and Google News
