Today's market analysis:
BTC: The 14-day moving average of the daily line extends downward, the upper pressure moves down to around 58650, and the lower support is around 57350. The market is relatively weak on Saturday, with small fluctuations. In terms of operation, do not chase highs and sell lows. You can buy high and sell low around the upper and lower pressures and supports. If the point is not suitable, you can wait and see!
ETH: The daily K-line is rising towards the upper boundary of the box at 3250. The indicator is still rising and has not entered the overbought stage. Short-term long orders can be reduced and stopped at 3250. For the daily K-line, I hold the view of rebound short. If the price is blocked and falls in the 3250 area and the indicator enters the overbought stage, this is an opportunity to enter a short order, and the target is still the lower boundary of the box at 2820.
Market status: Cryptocurrency prices resumed their upward momentum today, with Bitcoin briefly touching the $58,000 mark again and XRP also witnessing a nearly 9% increase. Notably, Bitcoin ETFs recorded nearly $1 billion in inflows this week. The global cryptocurrency market also rose slightly by 1.10% today to $2.14 trillion. Ethereum's price also rose by 1.21%. In the past day, SOL prices also rose by 1.55% to $139.23, in line with the broader market trend.
XRP Bollinger Bands indicator has a clear bullish trend
First, between October 2016 and February 2017, XRP experienced a multi-month downtrend, dropping more than 50%. However, as the Bollinger Bands contracted, XRP rallied sharply and reached an all-time high of $3.84 in January 2018. The second occurred in 2020. As in the current situation, XRP's Bollinger Bands tightened from February to October. After that, there was a similar surge in volatility, which led to a price increase and peaked at $1.96 in April 2021.
It’s important to understand the broader market context. XRP has not been immune to the general bearish sentiment, falling 40% from its 2024 peak of nearly $0.75 in March. The drop mirrors the recent plunge in the price of Bitcoin, which was triggered by selling pressure from the German government and Mt. Gox.
This underperformance caught the attention of Ripple Chief Technology Officer (CTO) David Schwartz. Despite a slight recovery this week, the overall momentum remains bearish.
At press time, XRP is trading around $0.5, having gained 10% over the past 24 hours. While historical price action doesn’t always guarantee future results, the current pattern is worth keeping an eye on.
With the recent rise in popularity of Ripple, I believe it has attracted everyone's attention and interest. So I will briefly explain it to you for your reference:
【Price trend analysis】
K-line pattern: The price has shown a clear upward trend recently, especially the big positive lines on July 12 and 13. A low point support was formed near 0.4403 in the early stage, and then continued to rise.
Technical indicators:
MACD: Both the MACD fast and slow lines diverge upward, and the histogram continues to expand, indicating that the bullish force is strong.
RSI: RSI is currently at 77.5712, entering the overbought zone, but there are no signs of a pullback yet. We need to pay attention to whether it will continue to maintain a high level.
EMA: The short-term EMA (7) is 0.4793, the medium-term EMA (30) is 0.4543, and the long-term EMA (120) is 0.4589. The current price is well above all EMAs, indicating a strong upward trend.
Trading volume: Trading volume increased significantly on July 12, reaching 1422214924, indicating that market activity has increased and long funds are actively entering the market. The trading volume decreased on July 13, but still maintained a high level at 598082570, supporting the price to move higher
The stop point is 0.44, and the target point is 0.65-0.75!
That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.
