Analysis of the daily chart implies that the XRP price may soon reach a turning point. On July 14, the XRP price began its ascent. Since the XRP price peaked at $0.854 on July 19, there has been an increase in profit-taking. The price could not continue the rally further
- The XRP price has recently broken above a long-term downtrend line.
- The breakthrough might be nullified by a reverse below the 50-day SMA.
Santiment, an on-chain analytics firm, said at the beginning of the week that with the XRP price above $0.70, there were more than 100 million XRP whale wallets. Since May 13, the number of XRP “whale wallets,” or wallets holding more than 100 million coins (worth at least $74 million), has increased to 199, as reported by the analytics firm.
Short-term Bullish Momentum
Moreover, the XRP price has recently broken above a long-term downtrend line, and this upward price movement has been accompanied by above-average trading activity. Price may challenge $0.75 on short-term bullish momentum, while the 200-day simple moving average and a horizontal trendline provide resistance.
If the 200-day SMA is decisively broken above, a further significant rally to the high of last week, at $0.84, is possible. The breakthrough might be nullified by a reverse below the 50-day simple moving average, which could lead to a decline to Tuesday’s low of around $0.6770.