- XRP is showing a strong bullish bias on the daily chart, and swing traders may look to enter long positions.
- In the short term, some degree of consolidation is likely to occur over the next 12-24 hours.
Ripple (XRP) has seen a sharp increase in transactions. This may be due to the increase in micropayment transactions that are widespread on the XRP Ledger. Transaction volumes have also been high.
In South Korea, XRP’s 24-hour volume was higher than Bitcoin (BTC) on July 17. Moreover, the bulls defended the previous resistance level as support, setting the stage for another impulsive uptrend.
XRP bulls, ready for 20% rally
The market structure on the daily chart was solidly bullish. The mid-range mark of $0.585 flipped into support. Also, OBV broke through the May local high, signaling strong buying pressure during the price rally.
The RSI also showed bullish momentum, well above the neutral 50 level. In the current situation, XRP could rise to the range high of $0.71.
On Friday, July 19, XRP fell south to $0.54 before bouncing back above $0.59. The inference is that $0.54, the previous range high (yellow), and $0.585 are expected to act as support levels in the coming days.
After the move to $0.635, such a large decline would have liquidated any long or late bull positions that were too heavily leveraged. This would have set the price up for a more sustainable upside.
Measuring how the gift market is developing
According to AMBCrypto’s liquidation level analysis, traders can expect the token price to spend more time consolidating around the $0.59 level. Cumulative liquidation levels were slightly negative.
Read our Ripple(XRP) Price Prediction 2024-25
The short-term liq levels were not overwhelmingly bullish or bearish. This could change during Monday’s trading session.
According to market sentiment on Monday, $0.567 and $0.638 are levels where a bullish or bearish reversal could begin, respectively.
Disclaimer: The information presented does not constitute financial, investment, trading or any other type of advice and is solely the opinion of the author.