Crypto News

Calls for a 75 cent Ripple increase as XRP breaks a key resistance level

ripple xrp primed for breakout
Image by Tumisu from Pixabay

Key Ripple takeaways

  • The XRPUSD trading pair reclaimed the crucial resistance level of $0.7 in a rally nine days ago
  • Ripple’s token looks primed for further bullish run-ups
  • A combination of technical patterns point to breakout towards the $0.75 price level

JAIPUR (Coinchapter.com) – Ripple’s XRP has been trading in a bearish-cum-sideways trend since the great fall occurred (read May 19 crypto crash). But things are about to change as the borderless payments coin retested a crucial resistance level.

Twitter-based crypto analyst RESEARCH 24/7 was one of the first to point out XRP’s changing trend.

“$XRP $Ripple breaks resistance, targeting $0.70 XRP price action trends further upwards in a risk-on environment. The 55-day SMA has been taken out at $0.65. Ripple presents more upside potential toward $0.70 and the 200-day SMA at $0.72”, said a tweet posted by the handle yesterday.

Related: XRP boom expected as SBI enters Ripple-enabled partnership with Hamamatsu Iwata Bank.

xrp, Calls for a 75 cent Ripple increase as XRP breaks a key resistance level
XRP looks strong to retake $0.7, $0.72, and $0.75, Source: RESEARCH 24/7, Twitter

XRP Pushes Past 55-Day SMA

The XRPUSD pair soared past the 55-day SMA wave (on the 4-hour chart), touching yesterday’s $0.6571 price point. Through a brief run-up that started on July 9 near the $0.6 low. Although the token has reversed course and trimmed gains, upside potential does exist.

XRP had reclaimed the $0.7 price point on July 4. In the fury of the rally that began after the mini-drawdown on June 22. However, the token fell prey to renewed bearish pressure.

Related: XRP eyes a 30% gain on a technical setup, while SEC vs. Ripple lawsuit drags on.

But then XRPUSD scalped the $0.65 high from $0.59 (July 9), forming an ascending triangle pattern in the process. Such a chart pattern is characterized by higher lows and similar highs (Close for green candles and Open for red candles). And a rally to the upside.

Next Target $0.75, And Then $0.92

While the situation on the XRPUSDT chart looks insipid, the XRPBTC technical chart is indeed giving bullish vibes.

“…There is no major change in $XRP although XRPBTC printed a bullish candle. I will be following the intraday chart volatility in XRP and will be looking for scalping opportunities…”, noted another Twitter-based analyst “CRYPTWZRD” in the latest tweet.

The XRPBTC pair remains well buoyed above the 200-day moving average (MA) wave. Moreover, yesterday after a brief period of descending trend since June 30, a bullish candle blip showed up.

xrp, Calls for a 75 cent Ripple increase as XRP breaks a key resistance level
Ripple’s XRP presents a bullish scenario on the daily XRPBTC chart, Source: XRPBTC on TradingView.com.

“0.00002250 BTC is the next major resistance target. Such a bullish impulsive move will push XRP higher. XRP’s Daily candle closed as a Doji and is waiting for Bitcoin to Lead the chart. Between $0.6000-$0.7200 is a range zone.” CRYPTWZRD noted.

“Above $0.7200 we will see some impulsive moves towards $0.9200.”, the anonymous Twitter analyst added further.

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Himadri Saha

Himadri is an active investor in cryptocurrencies and upcoming blockchain technology projects. He has been a part of the digital asset space since 2017 and has held multiple positions as Social Media Manager, Assistant Editor, Sponsored Content Manager, Cryptocurrency Journalist roles in reputed news outlets like NewsBTC, Bitcoinist and CryptoPotato. He has also helped numerous blockchain projects gain prominence through terse and succinct marketing/technical content. Himadri comes with a marketing and engineering background, and has worked with reputed names such as GE Healthcare, Volvo Trucks and Polycom before moving into crypto.

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