Ripple Price Analysis: XRP’s 32% bull run succumbs to overhead pressure under the $0.7 mark; what next?

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  • Ripple price analysis highlights XRP’s 32 percent price gain.
  • The latest price surge saw XRP surge towards $0.67 from $0.51.
  • Selling pressure under $0.7 saw Ripple dwindling towards $0.6.
  • Critical technical indicators show Ripple is still under the control of bulls.

During the start of this week, Ripple’s trading patterns were worrying as the crypto token suffered immensely from the assault punches of the bears.

Ripple Price Analysis: General price overview

During the time, the dreaded plunge towards the $0.5 price region occurred as the crypto token plunged to $0.52. However, Ripple managed to bounce back swiftly despite the negative price movement, regaining lost ground to settle above the $0.6 price mark. As if this was not enough, Ripple bulls continued with the bullish momentum, pushing the XRP towards $0.7. Finally, despite the spirited campaign, Ripple’s bullish rally lost impulse at $0.67.

During today’s early morning trading session, Ripple has been treading carefully, making slight gains after suffering losses of more than 24 percent of its value over the past few days. At present, the crypto coin exchanges hands at around $0.641 following a brief price correction. However, Ripple needs to hold on to the $0.6 critical support line to safeguard the resumption of an upsurge. If Ripple manages to settle above this critical support line, there is a high likelihood that the crypto coin might retreat further downwards before embarking on a new bull run towards the $0.7 mark.

Ripple price movement in the past 24 hours

Ripple Price Analysis: XRP’s 32% bull run succumbs to overhead pressure under the $0.7 mark; what next? 1
Source: TradingView

The legal battle between the United States SEC and Ripple Labs has been heating up over the past 24-hours, with Ripple requesting to put a former SEC member to testify. The United States securities regulator initiated the lawsuit against the cross-border remittance company for selling a crypto token that was regarded as an unregistered securities offering. According to crypto pundits, the serving of the deposition subpoena to have the former SEC member testify could be aimed at the SEC chairman who initiated the lawsuit. Interestingly, SEC is working round the clock to oppose the request.

Ripple 4-hour chart

According to Ripple’s 4-hour chart, on-chain metrics seem to be playing a critical role in determining the direction of the crypto token. Therefore, having an in-depth knowledge of the metric signals would assist investors in making knowledgeable decisions when trading. For instance, data from Santiment shows the quantity of new addresses purchasing Ripple has been gradually declining over the last 30-days.

As a result of this, the price of Ripple has been declining in duality with the addresses. For example, on May 25, Ripple had a 30-day high of about 4,900 addresses compared to the 2,100 addresses registered on June 24. On the last week of May, Ripple was exchanging hands at around $0.87, but the prices fell towards $0.63 on the last week of June. Usually, the decline in network growth indicates a bearish signal. This confirms Ripple XRP is losing grip. Therefore, if on-chain metrics fail to improve, Ripple prices might delay a new price rally.

Conclusion

On the other hand, key technical indicators, such as the Moving Average Convergence Divergence (MACD), indicate bullish signals despite the price correction from $0.68. If the MACD technical indicator continues to hold above the $0.6 support line, Ripple bulls might have the opportunity to trigger a price recovery towards $1. As for the Relative Strength Index, the technical indicator also shows Ripple has a bullish impulse that might push its price upwards towards higher highs.

Source: cryptopolitan.com

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