Back to July 19, XRP once bottomed out at $0.54, but then it launched a strong counterattack like a lion awakening. This rebound not only allowed XRP to return to the high of $0.65 for the first time in just four months, but also achieved an impressive 72% increase in the next 20 days, with its target directly aimed at the $0.70 mark. During this process, the amount of XRP deposits on the Binance platform surged, breaking through an astonishing 3 billion on July 29, demonstrating investors' firm confidence in its future development.
However, the market is always full of variables, and the latest analysis report points out that XRP may enter a period of adjustment next. With his keen insight, Trader Fred pointed out that XRP has not yet effectively broken through the key resistance level of $0.70, so a pullback is inevitable. His carefully drawn technical charts reveal several key support levels, including $0.5711, $0.5408, $0.4983 and $0.4550, indicating that XRP may find support at these positions during the pullback and set sail again.
Fred even admitted that he plans to arrange short orders during the callback phase, because he firmly believes that this adjustment is a necessary stage for XRP to accumulate strength for the subsequent strong rebound. Although the market may experience fluctuations in the short term, he is full of confidence in the future and foresees that XRP will eventually hit the target of $1.
At the same time, Crypto Ed interpreted the current market situation from another perspective. By analyzing the complete 5-wave Elliott pattern, he revealed the end of the current mild upward cycle and the arrival of the correction phase. He particularly emphasized the bearish divergence of the RSI indicator, that is, the RSI highs gradually decreased while the XRP price continued to hit new highs, which further confirmed the judgment that the market's upward momentum is weakening.
Ed believes that $0.55 will be an important support point for XRP during the adjustment period, and it is also an excellent opportunity for investors to buy at a low price. He foresees that as the correction ends, XRP will once again demonstrate its strong rebound ability and lead the market to new heights.
Currently, XRP is entering a correction phase as analysts predicted. Today's price drop of 2.10% is a preliminary manifestation of this trend. XRP is retesting the psychological support level of $0.60, and the bears are trying to break through this line of defense. However, it is worth noting that even in the correction, the price of XRP is still firmly above the 20-day moving average ($0.5906), which provides confidence support for investors to a certain extent.
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