XRP/USD Daily Analysis: Long a top 10 crypto as buyers strongly aim for $1 from 0.7247 daily floor
Richard Adrian • 2 min read
According to our FXL XRP/USD daily analysis, XRP/USD shot to become the top-performing cryptocurrency by trading volume in the last 24 hours. While the spotlight began yesterday following Ripple Labs winning the SEC lawsuit, it’s important to evaluate the technicals and fundamentals to see how yesterday’s news aligns with the future direction of XRP.
While studying the market to write the XRP/USD daily analysis, the XRP/USD pair missed the $1 mark by a few decimals after the announcement of the win. This not only attracted more buying volumes but enabled the resumption of Ripple’s positive sentiment across the market.
XRP/USD daily price analysis
After hitting a high of 0.9472, XRP/USD corrected backwards to 0.73716. Buyers came in large volumes at this point, thereby pushing the price upwards to 0.82557. This is an interesting price point for XRP traders as it marks a supply level for break-even traders looking to take profit from short-term price swings. Before yesterday’s close, the XRP/USD pair dropped below this level multiple times but did not break below $077129, which is a minor support level.
The price did correct by the start of today’s (GMT) trading session, where it tested today’s daily low of $0.72464. This would however give more traders and [[XRP bulls]] to enter the market, thereby creating an important demand level for Ripple tokens. Thereby catapulting the price of XRP/USD to 0.82557 supply level, which again pulled the price downwards to the minor support level at $0.77129, marked by the middle red horizontal line on the chart below:
The bears are attempting to push the price below a key support level, with the intention of triggering a downside move towards the 0.72464 price floor. This scenario would be advantageous for traders who have taken short positions on XRP/USD within the supply zone.
On the other hand, the bulls have the potential to counter this bearish pressure and consolidate their position. This positive outlook is supported by XRP’s strong fundamentals at present. If the bulls manage to consolidate, there is a possibility of the price testing the $1 mark. However, it is important to note that the bulls must first overcome the resistance level at 0.82557.
XRP/USD daily analysis: Indicators, Oscillators and Moving Averages
Taking into account the indicators, oscillators, and moving averages, we can gain further insight into the current market sentiment. The indicators show that 15 are in favour of buying XRP/USD, while 8 are neutral and 3 suggest selling. Similarly, the oscillators indicate that 1 is in favour of buying, 7 are neutral, and 3 suggest selling. Furthermore, the moving averages show that 14 suggest buying, 1 is neutral, and none suggest selling.
In terms of the MACD level, it is currently at 0.04, indicating a buy signal.
Considering these factors, there is a mixed sentiment in the market. While the indicators and moving averages lean towards a bullish scenario, the oscillators and the possibility of bears pushing the price lower suggest a cautious approach. Traders should closely monitor the price action around the resistance level at 0.82557, as a breakthrough could lead to further bullish momentum towards the $1 target.