- XRP experienced a 1% decline after touching the $0.6537 – $0.6459 resistance range.
- If the price closes above $0.654 for a 4-hour period, it could initiate an upward trend.
- Following the sideways movement in July, breaking above $0.57 triggered positive momentum.
On the weekly chart, XRP continues its upward trend by closing above the significant support level of $0.5664. Maintaining a level above $0.56 may signal potential upward movement towards $0.709 and $1 levels.
Medium-Term XRP Price Analysis
According to the weekly technical chart of XRP, candle closures above the significant weekly support level of $0.5664 continue. As long as XRP maintains weekly candle closures above $0.56, it aims to sustain its upward trend, targeting first the $0.709 level and then the $1 level.
In July, the XRP price had risen to around $0.95, but it later experienced sideways movement in the range of $0.57 to $0.46, unable to participate in the rise of Bitcoin and other cryptocurrencies. However, with its move above $0.57, XRP regained positive momentum.
Staying above $0.56 for Ripple increases the likelihood of XRP initiating a rise back to $1. Especially with the influence of social media, it can be considered that the XRP price is preparing to initiate an upward trend.
If XRP Breaks Critical Resistance, It Could Surge by 10%!
According to the 4-hour technical chart of XRP, a 1% downward movement is observed after the price touched the nearest resistance range of $0.6537 – $0.6459. If the XRP price achieves 4-hour candle closures above the $0.654 level, it may initiate an upward trend.
Should the XRP price achieve 4-hour candle closures above $0.654, the next target is $0.688. Additionally, closures above $0.688 may trigger an ascent of the XRP price to $0.733.
If XRP makes 4-hour candle closures above $0.6271, it may indicate a tendency to start an upward trend. However, in the event of a sharp drop to $0.61, consider a stop-loss level of $0.56 for medium-term spot investments.
