The post XRP’s new price levels to watch before momentum picks up, according to analyst appeared on BitcoinEthereumNews.com.

XRP has maintained its recent bullish momentum after successfully breaching the $0.50 resistance, with an analyst noting that the token has the potential to sustain gains if certain levels are breached. According to an analysis by The Great Mattsby, shared in an X post on July 16, XRP is nearing a key resistance zone likely to influence its future trajectory.  This analysis is supported by chart readings that outline key technical indicators and potential price movements for XRP in the coming weeks. The resistance zone is the first and most crucial level, around $0.58 to $0.59. Breaking through this range is essential for any potential upward momentum.  “XRP approaching a big resistance zone around .58-59. If can close any week above that orange angle then momentum could start to pick up,” the expert said.  XRP price analysis chart. Source: The Great Mattsby The level represents a critical trendline that XRP needs to close above weekly to signal the beginning of potential bullish momentum. Closing above this range would indicate a break from the current consolidation phase. Key support to watch Additionally, the analysis highlighted an important support level of around $0.40, which has historically acted as a safety net for XRP during periods of downward pressure. Overall, the analyst offered a cautiously optimistic outlook, contingent on XRP’s ability to break through and sustain above the identified resistance. This caution is warranted, considering XRP recently raised questions about its suitability after dropping below the $0.50 mark. However, the bullish momentum was rejuvenated when the crypto rallied in the wake of the first anniversary of being declared not a security in the ongoing Ripple and Securities Exchange Commission (SEC) case. Notably, there is general acknowledgment that XRP will likely skyrocket in the coming weeks. As reported by Finbold, another analyst, Dark Defender,…

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Filed under: News - @ July 16, 2024 9:26 pm