Ripple's cryptocurrency XRP is drawing a positive picture on the daily chart and offers opportunities for swing traders to consider long positions. In the short term, some consolidation is expected over the next 12-24 hours. The number of transactions on the XRP Ledger has skyrocketed, driven by an increase in microsharing transactions in addition to high trading volumes.
In South Korea, XRP's 24-hour trading volume surpassed that of Bitcoin (BTC) on July 17. The fact that price movements are defending a level that was previously an important resistance level and has now become a support level indicates preparations for possible upward movements.
According to daily chart analysis, the market structure is quite positive. The mid-range price of $0.585 has now turned into a strong support level. On-Balance Volume (OBV) has surpassed local highs since May, confirming strong buying pressure and positive momentum. The Relative Strength Index (RSI) remains above the 50 level, reaffirming the current positive momentum. In recent trading sessions, XRP price rose above the $0.59 level after falling to $0.54. This bounce suggests that the $0.54 and $0.585 levels are solid support zones for future price increases.
The futures market, including analysis from COINOTAG, predicts that XRP may consolidate around $0.59 in the near term. Although cumulative liquidation levels are slightly negative, it gives a balanced market sentiment as we enter the new trading week. Critical levels to watch are $0.567 and $0.638 for potential positive or negative returns depending on market conditions.
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So who will benefit?
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I EXPLAIN IN DETAIL.
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