Overview of XRP Technical Analysis

FXStreet analyst Ekta Mourya pointed out that XRP has been trending higher recently, forming a series of higher highs and lows since July 12. Technical charts show that XRP may first test the support level of $0.5632 to collect liquidity, and then it may launch a nearly 10% increase.

However, the road to the rise is not smooth. XRP first faces resistance at $0.6058, which is the 61.8% Fibonacci retracement level and is also near the high of March 25. The further upward target is $0.6666, which is the 78.6% Fibonacci retracement level from the March high to the July low, but it will take a lot of resistance to achieve this goal.

On the other hand, the MACD indicator gives a different signal. The MACD line crosses the signal line downward, indicating that XRP prices may face downward pressure in the short term and the negative momentum of the market is increasing. This technical divergence reminds investors to be vigilant about potential market corrections.

Therefore, the short-term trend of XRP is particularly critical. If market sentiment weakens, XRP may fall to the support level of $0.5205, which is the 38.2% Fibonacci retracement level. Investors should pay close attention to the support of this price and the changes in key technical indicators such as MACD to formulate flexible trading strategies.

In short, Ripple (XRP) is currently in a sensitive period of technical analysis. Investors need to remain cautious and combine various information to comprehensively judge the market trend. $BTC $XRP #超级央行周 $SKL