XRP Price Analysis: Weak Bullish Momentum Hints At An 18% Pullback

In the past 24 hours, the price of XRP has risen by 3.3%, reaching $0.434 during European business hours on Tuesday.

XRP price analysis: XRP price rose 3.3% during European hours on Tuesday, reaching $0.434.

Despite the gains, the asset faces resistance at the $0.45 level, keeping it within the lower range.

Investors may prepare to buy more XRP at potentially lower prices.

XRP price analysis: Weak bullish momentum hints at an 18% pullback

After the recent Bitcoin sell-off that saw the entire crypto market panic, XRP price broke out to the downside of a consolidation zone on July 4, crashing to a low of $0.382. The XRP price quickly rebounded and stabilized around $0.43. Today, with Bitcoin’s price in the green, XRP has also mirrored this positive trend.

The price action of XRP is trending below the 21-day, 50-day, and 200-day simple moving averages (SMAs). The 21-day SMA is the nearest overhead resistance for the XRP price, around $0.445. The XRP relative strength index (RSI 14) is trending near the oversold (OS) region at 38. If the XRP price moves lower the RSI may drop into the OS zone, usually indicating high selling momentum. On a positive note, the RSI in the OS region presents a great opportunity to buy in as the market believes the asset is undervalued.

The current price of XRP is in a precarious position as there is little to no support for this level in XRP’s price history. XRP price prediction shows the asset may rise by 7% to test the 21-day SMA as it attempts to break back into the previous range. If the bull succeeds, the XRP price may rise above the 50-day ($0.484) and 200-day ($0.531) SMAs to test the upper boundary of the range, around $0.545.

On the flip side, if the bears prevail, XRP may drop 18% from the current price to hit a low of $0.34, which coincides with the next decent support level for the asset. Key support levels on the way down include $0.40 and $0.36.

Court reveals a date that could impact XRP price

The court has scheduled a date for further motions and hearings on unresolved claims in the Ripple lawsuit. July 26 is a crucial day for Ripple’s legal motions and could influence the XRP price.

American lawyer Fred Rispoli predicts that July 31 may mark a significant turning point, potentially signaling the end of the Ripple lawsuit.

When are you expecting the ruling to come in? I expected it around June 20, but apparently delayed again

— Crypto Moon Amsterdam ❌❌ ❌ (@CryptoAms020) July 2, 2024

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