- The price of Ripple rose by 23% in a week amid the launch of smart contracts.
- Ripple price is testing the 21-day simple moving average again.
- Downtrend invalidation remains above $0.47.
XRP price market sentiment accompanies the most recent recovery. However, from a technical standpoint, the price of XRP is still facing strong resistance.
XRP News vs. Specifications
Ripple XRP price is reassuring as the digital rebate token is consolidating in the $0.35 mid-range. The profit-taking announcement came after a modest 23% rise in prices this week. Rally accompanies positive shifts in market sentiment.
This week, Netcost-Security analyst Ekta Murya broke the news: “Ripple CEO officially confirms McCaleb’s end of dumping after co-founder spent 9 billion XRP tokens.” The news could spur fundamental investors to buy Ripple as XRP has officially exited the market.
Adding fuel to the sentiment fire, Twitter is furious as the testnet for XRP is officially launched. The testnet promises the longevity of the rebate digital token as it will allow more developers and daily XRP to participate, trade, and run businesses through smart contracts.
From a technical standpoint, Ripple faces a few additional hurdles. The price of XRP is currently $35.40. Now a very important weekly trend channel is on its way to the next bullish target at $0.54. On the intraday timeframes, the bulls are supporting the 21-day simple moving average (SMA). Traders should keep an eye on this level as failure to move forward from the SMA will result in a ricochet selloff into the 8-day SMA at $0.33. Failure to hold 8 days could be the catalyst for a low reversal event targeting the July 13 low at $0.3020.
XRP/USDT/8 hour chart.
Reversal of the downtrend will occur in the event of a break above $0.47. Keep in mind that a sufficient candle close above the $0.47 barrier will create a very optimal environment for traders looking to participate in an uptrend. Subsequently, the digital rebate token will target $1, resulting in a 180% increase from the current price of XRP.
In the next video, our analysts delve deeper into Ripple’s price behavior by analyzing key levels of market interest. -Team Netcost-Security