FxNews—Ripple trades sideways in a narrow range area but mildly bullish between the July 24 low at $0.459 and the July 28 high at 0.498. As of writing, the XRP/USD cryptocurrency pair trades at approximately $0.479, testing the immediate support, July 28 high.
The XRP/USD 4-hour chart below demonstrates the key Fibonacci retracement levels and the technical tools used in today’s analysis.
Ripple Technical Analysis – 1-July-2024
Currently, the XRP/USD stabilizes above the 50-period moving average, approaching the 100-period SMA at $0.482, a resistance level backed by the 38.2% Fibonacci. The technical indicators suggest the market trends sideways but mildly bullish.
- The awesome oscillator value is 0.0018, and small green bars above the signal line indicate a bullish trend.
- The relative strength index value is 57 and above the median line, meaning the bullish trend that began from $0.459 gains strength.
- The stochastic value is 53 and rising. This development in the %K line indicates the market is not overbought, and the value of Ripple could rise higher and test the upper resistance levels.
Ripple Price Forecast – 1-July-2024
From a technical standpoint, the primary trend is bearish because the XRP/USD is below the 100-period simple moving average or the %38.2 Fibonacci. If the bulls close above the immediate resistance at $0.479, the next bullish target could be the 38.2% Fibonacci at $0.482. Furthermore, if the buying pressure exceeds $0.482, the road to the %50 Fibonacci level will be paved.
Notably, the 23.6% Fibonacci retracement level at $0.472 is the key support to the bullish scenario. If the XRP/USD price dips below $0.472, the bullish scenario should also be invalidated.
XRP/USD Bearish Scenario
The primary bearish trend will likely resume if the Ripple price falls below the immediate support of $0.473. If this scenario unfolds, the next bearish target will likely be approximately $0.467. Likewise, if the selling pressure drives the price below $0.467, the next bearish target could be the June 24 low at $0.459.
Ripple Key Support and Resistance Levels
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: $0.473 / $0.467 / $0.459
- Resistance: $0.479 / $0.482 / $0.489
Disclaimer: This technical analysis is for informational purposes only. Past performance is not necessarily indicative of future results. Foreign exchange trading carries significant risks and may not be suitable for all investors. Always conduct your research before making any investment decisions.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
