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XRP Price Analysis for July 27

Thu, 07/27/2023 - 18:00
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Denys Serhiichuk
How long is decline of XRP going to last?
XRP Price Analysis for July 27
Cover image via www.tradingview.com

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Most of the coins keep trading in the green zone, however, there are some exceptions from the rule.

Top coins by CoinMarketCap

Top coins by CoinMarketCap

XRP/USD

The price of XRP has risen by 0.70% over the last 24 hours.

XRP/USD chart by TradingView

Image by TradingView

On the hourly chart, the rate of XPR has made a false breakout of the support level at $0.7084. Currently, one should pay attention to the daliy closure.

Related
XRP Price Analysis for July 25

If it happens far from that mark, there is a chance to see a bounce back to the $0.7150 zone tomorrow.

XRP/USD chart by TradingView

Image by TradingView

On the bigger time frame, the situation remains unclear as the rate keeps trading sideways. If the decline continues below the $0.70 area, one can expect a test of the support at $0.6673 shortly. The falling volume confirms such a scenario.

XRP/USD chart by TradingView

Image by TradingView

From the mid-term point of view, traders should focus on the bar closure in terms of the previous candle low. If it happens below the $0.7125 mark, sellers might seize the initiative that can lead to the further correction to the area around $0.65.

XRP is trading at $0.7117 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.