Undoubtedly, Ripple is a solid company.
It is one of the first and even plans to go public.
Not surprising, even with the ongoing court case, which has had a significant effect on the XRP price valuation, project supporters are defiant.
Most are upbeat about the Ripple’s prospects, expecting trend continuation of Q1 2021.
Ripple Market Performance
Admittedly, Ripple is fundamentally charting a noble cause–promoting financial inclusion in the process disrupting legacy system—reflecting on XRP’s mega valuation.
Before SEC snipped XRP, it was in the top-3, only trailing ETH.
XRP is lodged at seventh and losing 10 percent week-to-date against the USD at the time of writing.
If anything, per the XRP/USD price action in the daily chart, the coin has been hot and cold, heavily fluctuating, reflecting the mixed bag of traders’ emotions.
Presently, XRP prices are in range, moving tightly above $0.50 but waving around the middle BB.
Although Ripple bulls are confident, the absence of a satisfactory close above the 20-day moving average and tapering participation levels is slowing down momentum.
How XRP/USD price action turns out going forward is highly dependent on the breakout direction.
A sharp, high volume break above $0.70 could be the necessary trigger for a lift-off towards $1—subsequently confirming September 2018 highs as a critical support level—completing a retest.
Coinbase Relisting and Jed McCaleb’s Drying XRP Stash
This is the position of most traders who are banking on fundamentals. On one end, they maintain that Ripple will emerge as winners from the ongoing case, therefore propelling XRP/USD to new highs.
On top of this, the resumption of XRP trading in various exchanges—that is, relisting, say in Coinbase-would trigger more buyers.
Jed McCaleb keeps on dumping his $XRP. In the last 3 weeks alone he has sold over 150 million XRP, currently worth nearly $100 million.
— Quinten François (@QuintenFrancois) July 12, 2021
Already, the marker of XRP’s resilience is the inability of sellers to come on top despite Jed McCaleb continuous dumping of his XRP stash.
Recently Jed sold off roughly $100 million of XRP without drastically moving prices, an indicator of strength and confidence of higher highs.
His XRP are almost gone, the last sales will be his last. His dumping hasn't had too much effect on price though, only thing keeping $XRP on hold is the court case with the SEC. Some respected sources believe 100% it will be won by Ripple or a small fine. Soon XRP will explode.
— ☫Somniferum☫ (@SINGERNAT) July 12, 2021
Encouragingly, Jed’s XRP stash is almost drying up, meaning his consistent dump would be a thing of the past.
Ripple Prices Set for Horizontal Movement
A confluence of several technical indicators points to a possible horizontal consolidation in the next few days, according to a trader, Mudrex, on Trading View.
Most oscillator indicators, the analyst notes, are neutral, while most MA-based indicators point to sellers.
The RSI in the XRP/USD of the 4HR chart is neutral, suggesting the likelihood of protracted sideways movements.
Meanwhile, the MACD indicator signal lines moved below the zero line, pointing at sellers.
On the other hand, the contraction of the BB with rising trading volumes may show the possibility of accumulation/distribution. However, this depends on the breakout direction.
XRP/USD Breaking above $0.70 will be “Massive”
On YouTube, CoinsKid is cautious, noting that XRP/USD prices are trending lower as per price action from the weekly chart.
Presently, XRP/USD is inside a descending triangle. It is reacting at the 50 percent Fibonacci retracement level of the recent swing high and low in the weekly chart.
However, since bears have the upper hand, a close below $0.50 towards $0.40—a bear target—can’t be discounted.
Conversely, if XRP/USD finds strength and expands above the main resistance trend line and the 50-week EMA, bulls may race back above $1 as aforementioned.
Technical charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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