- Ripple’s cryptocurrency, XRP, maintains a bullish outlook on the daily chart, creating opportunities for swing traders to consider long positions.
- In the immediate term, some consolidation is expected within the next 12-24 hours.
- The number of transactions on the XRP Ledger has surged, attributed to an increase in micropayment transactions, coupled with high trading volumes.
XRP is consolidating gains and readying for a potential upward move, making it an attractive opportunity for traders.
XRP Bulls Defend Key Support Level
Recently, in South Korea, XRP’s 24-hour trading volume outpaced that of Bitcoin [BTC] on July 17. The bullish sentiment was evident as the price action defended a previously significant resistance level, now turned support, indicating preparations for another potential upward impulse.
Analyzing Market Structure and Indicators
The daily chart analysis reveals a firmly bullish market structure, as the mid-range price level at $0.585 has now been flipped to a support level. On-Balance Volume (OBV) breaking past local highs from May underscores strong buying pressure, further supporting the bullish momentum.
Indicators Signal Further Upside Potential
The Relative Strength Index (RSI) remains above the neutral 50 level, reaffirming the prevailing bullish momentum. In the recent trading sessions, XRP’s price dipped to $0.54 before rebounding past $0.59. This bounce suggests that the $0.54 and $0.585 levels are now strong support zones likely to underpin future price advances.
Futures Market and Consolidation Expectations
Analysis of the futures market, including insights from COINOTAG, indicates that traders can expect XRP to consolidate around the $0.59 level in the near term. Cumulative liquidation levels are slightly negative, suggesting a balanced market sentiment going into the new trading week. Critical levels to watch are $0.567 and $0.638 for potential bullish or bearish reversals, respectively, depending on market conditions.
Conclusion
In summary, XRP continues to show strong bullish momentum with critical support levels maintained and high trading volumes. While some short-term consolidation may occur, the overall outlook remains positive, making XRP a significant focus for traders anticipating further gains. Staying informed and vigilant will be key as the market navigates through the upcoming trading sessions.
