XRP’s Price Continues To Climb As Market Sentiment Turns Positive
2022.07.08 19:26
XRP’s Price Continues To Climb As Market Sentiment Turns Positive
- A handful of optimistic trading signals are on XRP’s charts.
- XRP’s price may look to run for new heights in July.
- Some bearish pressure has recently entered the market which may cause a bit of a retracement for XRP.
Ripple’s (XRP) price shows optimistic trading signals as July kicks off. In addition, there is a positive crypto market sentiment which could result in an XRP bull run in the coming days.
As things stand, XRP’s price may look to run for new heights in July as bulls have been able to successfully challenge key resistance levels during the New York trading session.
Since finding support at around the $0.30 zone on the last day of June, XRP’s price has printed consecutive higher lows. Bulls successfully reconquered the 61.6% Fib retracement level of June’s monthly low at $0.28 and the previous month’s high at $0.38.
The rise in XRP’s price comes at an exciting time for the company as developers have successfully implemented software to enable NFT collectors, artists, and investors to engage with one another.
In addition, it is reported that Colombia will officially use a ledger designed by Ripple for their commercial and retail land inventory.
It appears that the stars are lining up in favor of an XRP bull run as the coin’s price is in an ascent towards $0.34. Intraday traders may be looking to reach June’s monthly high at $0.38.
XRP 4 hour chart (Source:CoinMarketCap)
On the 4-hour chart for XRP/USDT, the 9 Exponential Moving Average (EMA) line crossed above the 20 EMA line right at the start of the mini-rally at around $0.32.
XRP’s price has now stumbled upon some resistance at $0.36 as bearish pressure has flowed in. If there is a retracement, then XRP’s price may head back down to the 9 EMA level at $0.3435. It all depends if bulls are able to breach the current resistance or not.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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