RIPPLE (XRP) on daily charts is consolidating in the 3/8 murray zone around 0.5859. For the last few days, it has not been able to break the 200 EMA after having reached the highs of 0.7298. The price is now at the level of strong support, a technical rebound above this level is expected.
According to the daily chart, the Ripple is oscillating within a price range between 0.58 to 0.72, suggesting indecision between the bulls and bears about the next trend movement. Therefore, traders seem to be avoiding big bets.
However, this consolidation between $0.58-$072 is unlikely to continue any longer, as the market in a bearish direction can go towards the $0.39 level and in a bullish direction to $0.97.
Soon, the price can start a decisive move. If the bulls push the price above the 200 EMA (0.73), Ripple can easily climb to the 4/8 murray zone and up to 5/8 at 0.9766.
On the contrary, if the price falls below USD 0.55, the bears will drag the price to $ 0.3906 (2/8), but first the strength of the psychological level at $ 0.50 must be tested, if it breaks this support level it will suggest the resumption of the downtrend.
Our recommendation is to buy above 3/8 murray with short-term targets at 0.7812, the eagle indicator is in the oversold zone, and a technical rebound could occur in the next few days.
Support and Resistance Levels for July 09 - 12, 2021
Resistance (3) 0.6751
Resistance (2) 0.6520
Resistance (1) 0.6301
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Support (1) 0.5968
Support (2) 0.5749
Support (3) 0.5436
