- The XRP
price is facing a significant resistance zone between 0.73 and 0.70 dollars.
- With strong buying pressure, XRP has the potential to continue its rise to levels of 0.96 dollars.
- However, hourly candle closures below the 0.70 dollar level could extend the downward movement towards 0.64 dollars.
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When analyzing the Ripple (XRP) price, it is observed that with the impact of today’s news, XRP has started its upward movement by breaking through a critical resistance level. In our article, we evaluate the short-term technical chart of XRP in detail and analyze important levels.
Medium-Term XRP Analysis
Ripple (XRP) experienced a 100% increase today due to the news announced by the lawsuit. After the judge of the XRP case stated that “XRP sales are not an investment contract offer,” XRP made a sharp upward movement in price.
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After Coinotag’s Twitter page announced the news, XRP saw a 100% increase in price.
RIPPLE WINS VERDICT THAT $XRP IS NOT A SECURITY, JUDGE ALSO RULES THAT INSTITUTIONAL SALES OF XRP BY RIPPLE WERE SECURITIES
— CoinOtag EN (@coinotagen) July 13, 2023
When examining Ripple’s current technical chart, it is observed that with the impact of the news, XRP broke through the critical resistance level of $0.566 and started its upward movement. XRP is currently trading around $0.80 and has risen to $0.928 in the last 24 hours.
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XRP’s price is moving close to the significant resistance zone mentioned in the visual of the technical analysis above. In order for XRP’s price to continue its upward trend, it needs to maintain daily and weekly candle closures above the $0.70 level.
If XRP achieves weekly candle closures above the $0.70 level, it can continue its rise to the $1 levels mentioned in the analysis and then to the $1.08 levels.
However, if XRP makes daily candle closures below the $0.70 level, it may want to extend the downward movement towards the $0.56 levels again. Spot XRP investors should carefully monitor the levels mentioned in the technical analysis visual above.
Short-Term XRP Price Analysis
When examining Ripple’s short-term technical chart, it is observed that there is a significant resistance zone between $0.73 and $0.70. If XRP encounters strong buying pressure from the mentioned gray support zone, it can resume its rise and reach levels of $0.96.
However, if XRP makes hourly candle closures below the $0.70 level, it can extend the downward movement towards the $0.64 level. It is important for XRP to encounter strong buying pressure from the $0.64 – $0.62 range.
If XRP makes hourly candle closures below $0.62, it may indicate that XRP wants to experience a decline towards the $0.56 support level. However, with today’s news, strong investors have entered the market. It is of great importance for XRP to receive buying reactions from the gray zone and continue its upward trend.