 ▲ Ripple (XRP) |
Santiment, an on-chain data analysis company, released data analysis results showing that Ripple (XRP) trading volume rose to $3.96 billion as of the 1st (local time).
FX Street, a media outlet specializing in virtual assets, noted that trading volume increased while trading activity also increased, and interpreted it as a sign of increased demand for Ripple among investors. The moving average divergence index (MACD), which crossed the neutral point, also supports expectations of a strong Ripple.
FX Street diagnosed that Ripple is likely to rally towards the range between $0.5008 and $0.5164, which corresponds to the Fair Value Gap (FVG). The next resistance level was $0.533.
However, the Network Realized Profit/Loss (NPL) indicator added that given both the fact that investors have recorded investment losses over the past month and the record of increased trading volume and trading activity, a price correction in line with past patterns could follow. When the price adjustment occurs, the support line is expected to fall to $0.4508, the low point on June 7th.
If the $0.4508 support line also breaks, there is a possibility that the support line will fall further to $0.4188, the low point on April 13.
CryptoPotato, a cryptocurrency media outlet, noted that while Ripple continued to trend sideways around $0.48, MACD recorded a bullish cross on TradingView's daily chart of Ripple as of June 30 (local time). Afterwards, the buyer pushed for a price increase, but it was found that it was difficult to immediately increase the price.
The media reported that if Ripple maintains the current price range of $0.48, there is still a possibility that an upward trend will be realized in the future.
Next, he pointed out $0.54 as the main resistance level to pay attention to for Ripple's upward trend. The media added that, looking at the current Ripple market sentiment, it appears that the price will continue to rise.
