What to know:
- XRP remains below the $1.14 daily 50 EMA, keeping bulls under strong resistance pressure.
- ChartNerd identifies $1.60 as the critical recovery level needed to confirm a long-term bottom.
- RSI and MACD indicate a balanced market, with selling pressure easing but no bullish crossover yet.
XRP price stayed trading within a narrow range amid efforts from bulls to gain some strength, although technical analysis shows that the coin is still facing quite a few key resistance zones ahead.
At the time of writing, XRP is trading at $1.10, up 1.46% over the last 24 hours. XRP recorded $881.89 million in daily trading volume, while its market capitalization stood at $68.85 billion, according to CoinMarketCap.
XRP Price Faces Major Resistance Levels
A popular crypto analyst, ChartNerd, has provided a revised technical analysis on July 25, stating that XRP has stayed below a key moving average that has been restraining further upward price movement.
XRP is currently trading below the daily 50 EMA at $1.14, which has been serving as a crucial resistance area for a few weeks now. Even if the buyers succeed in breaking above the resistance, another resistance stands near $1.25, while the weekly 50 EMA at $1.60 represents the toughest obstacle for bulls before confirming a long-term bottom.
ChartNerd pointed out that investors must concentrate on the market structure instead of short-term price movements, as the larger trend still needs validation.
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Technical Indicators Show a Balanced Market
Current technical indicators show that XRP price is neither strongly bullish nor bearish.
The RSI index value is at 47.85, which is just slightly lower than the 50-level. It means that buying and selling pressures have stayed in balance for now, with neither being fully in charge of the market.
On the other hand, the MACD (12,26,9) index value is slightly negative. The MACD line is at -0.00333, whereas the signal line is at -0.00618. Even though the histogram value has turned positive at 0.00285, signaling that selling pressure has become weaker, a bullish crossover has yet to occur.
These signals, together, indicate that XRP could remain within its present trading range until some more significant buying activity drives it past nearby resistance levels.
XRP Price Awaits Next Big Move
The next big thing for XRP price will definitely also be dictated by the market conditions prevailing within the crypto markets.
Whenever there is strength in the Bitcoin and overall digital assets market, the large-cap coins like XRP tend to gain from renewed investment flows. However, whenever market sentiment starts to wane, XRP can stay trapped below the key technical levels.
Investors are also watching developments related to the XRP ledger ecosystem and its adoption in institutions and regulatory advancements, which might impact demand in the months to come.
What Comes Next for XRP Price?
For now, however, the XRP price is still in a waiting mode.
The first technical level to look out for is $1.14. This level is still acting as a ceiling for any bullish moves as the price keeps coming into contact with the daily 50 EMA line. If the XRP price moves past this level, it could open up more room for movement to $1.25 or $1.60 in relation to the weekly 50 EMA line.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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