A popular crypto analyst highlighted key support and resistance levels for XRP as the coin shows a possible bullish trend despite present consolidation.
WallStreetBulls says XRP shows some notable bullish momentum to watch carefully. He shared this update in a recent analysis, where the daily timeframe chart for XRP/USD shows green arrows.
Bullish signals on the #XRP daily chart. Green arrows indicate upward momentum. Resistance levels at 1.08274 and 0.96644, with support at 0.70410 and 0.59216. Pivot point at 0.77930. Bollinger Bands suggest volatility. Stay tuned for more updates! #CryptoTrading… pic.twitter.com/WSf6FnwdMz
— WallStreetBulls (@w_thejazz) July 27, 2023
This indicates a possible upward trend for the coin. In technical analysis, green arrows indicate upward price moments and that the asset’s value will improve in its price.
Support and Resistance Levels to Watch
According to the daily chart WallStreetBulls shared, it noted key resistance zones that XRP must break through to maintain its bullish trend.
These zones are crucial price action points where the token’s selling pressure has historically increased. The inability to break through this price level would lead to the asset’s price reversing or stalling.
The significant resistance levels to monitor for XRP are $1.08274, $0.96644, and $0.89124. These price marks are crucial barriers the XRP token must break through to sustain its bullish trend.
Moreover, the last time Ripple (XRP) tapped into these levels was on July 13, when the token spiked because Judge Analisa Torres ruled on XRP’s classification.
On the contrary, the analyst pointed out some notable support zones that might be a solid foundation for XRP’s price action amid the possible downtrend. According to WallStreetBulls, the crucial support zones are at $0.70410, $0.59216, and $0.51296.
XRP is Trading in Overbought Zone
Furthermore, his analysis highlighted another significant pivot point for XRP at $0.77930. It is worth noting that pivot points are important price zones calculated based on the token’s past high, low, and closing prices. They act as possible turning points in a pair’s market.
In addition, WallStreetBulls pointed out the Bollinger Bands, a technical indicator used to measure price volatility. In the Bollinger Band, the top band trades at $0.61347, while its bottom band rests at $0.52516. The price levels are also potential price targets for the token’s movement.
When XRP’s price reaches the upper band, it may indicate an overbought condition, while approaching the lower band may signal an oversold condition. Thus, at a price above $0.70, XRP has entered an overbought zone, signifying bearish sentiments.
In response to the analysis, a Florida-based crypto pundit suggested that the resistance zone displayed near $0.73 based on previous price action.
Responding to the blockchain analyst, WallStreetBull recognized the variant perspective of technical traders and reinforced the need to monitor market adjustments carefully. Ripple’s XRP token is currently trading at $0.7066, a slight decline from the previous 24-hour price.
It surged massively on July 13 in price and market cap following the ruling by US Judge Analisa Torres on Ripple’s legal battle against the SEC on XRP’s classification. But the bullish momentum has receded as the coin trades bearish today, July 28,
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