XRP Price Prediction – Expect Bulls to Lose Strength at These Levels!

• At the time of writing, XRP is on the verge of turning its daily market structure bullish.
• News of this month’s ruling is likely to have sent prices higher.

XRP has surged a staggering 21.1% over the past five days, as measured by the opening of the daily session on July 8. The fact that this came after XRP fell below its 11-month low suggests that the move was an aberration.

A return to the previous range means that the highs are now up for grabs. This change in sentiment may be due to Referee predictions In July, the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple.

Rise above $0.45 surprises traders

Source: XRP/USDT on TradingView

The drop to the $0.41 support level, a level previously tested in May 2023, meant that the long-term range had been broken and XRP was preparing for another move north. However, the reality is different from expectations.

The reversal above the $0.47 resistance level meant that bulls were eager to move higher. A move towards the opposite end of the range is usually accompanied by a divergence from a long-term range and higher prices.

The OBV indicator broke the trend line resistance, and the RSI jumped above the neutral 50 level. Together, they showed strong buying pressure and bullish momentum. The mid-range level at $0.585 is likely to act as resistance in the coming days, but if it is overcome, buyers could re-enter long positions.

XRP Rally Possible to Stop Before $0.55

source: Highblock

A breakout from the lower range usually results in a large amount of liquidity being drawn out. This actually happened during the April price drop. The recent drop to $0.382 triggered a long-term liquidation. This showed that holders panicked enough to start selling once the support at $0.46 broke.

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After gathering this liquidity, the bulls seemed ready to push the price in the other direction. The liquidity pool at $0.538 is a magnetic area for XRP price. The $0.7 and $0.77 levels are also targets, but the medium-term resistance should be converted into support.

However, the possibility of this scenario may be hampered by the formation of a two-month range below $0.53.

Disclaimer: The information provided does not constitute financial, investment, trading or any other type of advice and is solely the opinion of the author.