- XRP price started to surge even before BTC broke $60,000.
- This type of price movement before a news event can be a concern for long-term holders.
Ripple (XRP) gained 58.18% from July 8 to 17, fueled by rumors that the U.S. Securities and Exchange Commission (SEC) would rule in favor of the payment remittance company in its lawsuit against Ripple.
The ruling on July 13, 2023, ruled that XRP was not a security in a secondary market sale. Attorney Fred Rispoli predicted that the case would be decided this month. What are the price and trend predictions from AMBCrypto’s XRP market watch?
Has the market already priced in the verdict, or is there room for the rally to extend?
Source: XRP/USDT on TradingView
The 11-month long-term range has been reestablished, and the mid-range level of $0.585 is being tested as support at the time of writing. If XRP were to close the daily session below the lows of early April at $0.562, it would signal that the price is headed towards $0.46 again.
On the other hand, if the token can stabilize at the $0.57-$0.58 level over the next few days, it would be a signal that it could target the next high in the $0.71 range.
Volume has been steadily rising over the past 10 days. OBV has also surged, reflecting increased buying pressure.
The RSI has corrected in the overheated buying zone, showing continued bullish momentum after a three-month downtrend in the market.
XRP Market Watch: Liquidity Pools Could Lead to Reversal
Source: Highblock
A 6-month retrospective liquidation heatmap analysis reveals a strong liquidity cluster just below $0.7, which aligns well with the range high at $0.71, and another magnetic zone at $0.751.
Is your portfolio green? Check out our XRP profit calculator
The $0.585 middle range area, where resistance was expected, was broken. In the current situation, XRP presents a buying opportunity for trend-following traders.
However, this could turn into a “news selling” type event, which could lead to a price crash in late July.
Disclaimer: The information presented does not constitute financial, investment, trading or any other type of advice and is solely the opinion of the author.