FxNews—Ripple‘s uptrend trajectory resumed from the July 19 low at $0.539. As of this writing, the XRP/USD pair trades at approximately $0.607, testing the immediate support at $0.603, the July 20 high.
The daily chart below demonstrates Ripple’s price, the key support and resistance levels, and the technical indicators utilized in today’s analysis.
Ripple Technical Analysis – 22-June-2024
The technical indicators in the 4-hour chart suggest that the uptrend should resume.
- The awesome oscillator value is 0.012, with green bars above the signal line. This development in the AO value signifies the bull market prevails.
- The relative strength index shows 60 in the description, meaning the trend is bullish, and the market is not overbought.
- The stochastic %K line value nears the overbought territory, depicting 75 in the description, meaning XRP/USD is in an uptrend and not overvalued.
- The price is also above the 50 and 100-period simple moving average, showing the robust uptrend momentum.
XRP/USD Forecast – 22-July-2204
The key resistance level is $0.636, and the immediate support is $0.603, as shown in the daily chart above. The next bullish target will likely be the March 19 high at $0.667 if the bulls (buyers) close and stabilize the price above $0.636. Please note that if this scenario unfolds, the stochastic oscillator might step into the overbought territory, and as a result, we might witness a mild consolidation phase.
The bullish scenario should be invalidated if Ripple’s price dips below the 50-period simple moving average of approximately $0.564.
- Also Read: LTCUSD Technical Analysis – 22-July-2024
XRPUSD Bearish Scenario – 22-July-2204
The 50-period simple moving average at $0.564 is the pivot between the bull and the bear market. If the XRP/USD price dips below $0.566, the market will likely consolidate near the July 19 low at $0.539.
Furthermore, if the selling pressure exceeds $0.564, the next support level will be the July 19 low at $0.539, followed by the 100-period simple moving average at 0.512, a supply zone backed by the July 14 low.
Ripple Key Levels – 22-July-2024
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: $0.564 / $0.539 / $0.512
- Resistance: $0.636 / $0.667
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.