Predictions for XRP (XRP), the XRP currency, on July 24

The XRP price has risen to $3.48 as of July 23, after a surge past the $3.20 & $3.00 resistance levels this week. This move was a clean break from a multimonth descending structure as shown on the chart. The price has entered consolidation just below $3.62, forming a pennant which could be a precursor to another impulsive leg upward.

What’s happening with XRP’s price?

The daily chart shows a sharp rise from below $2.10 up to $3.55. This was triggered by a break from a falling wedge which had trapped XRP over two months. Since breaking through key resistance near $2.80 the XRP price is respecting higher demand zones. It now trades within a tight, flag-like consolidation.

On the 4-hour chart XRP is compressing within a symmetrical triangular or bullish pennant. Resistance is near $3.62, and support is trending upwards from $3.35. This structure is typical for a post-breakout pause before a continuation. The SAR dots above the price are flattening, indicating a cooling of momentum but not yet a reverse.

The On-Balance volume (OBV) is still high at 3,49 billion, which supports the idea that this current move is driven by strong accumulation and not speculation.

Why is the XRP price going down today?

The reason why XRP is falling today is largely due to short-term profit taking near the upper triangle support. The price briefly reached $3.55, before pulling back modestly. This is shown on the 30-minute chart and 4-hour chart. The Bollinger Bands mid-band rejection and the rejection of VWAP resistance $3.52 suggest intraday traders have reduced their exposure.

The RSI is now at 39.8 on a 30-minute chart. This indicates a bearish divergence. MACD has flattened out and crossed into neo-positive territory. DMI shows the +DI line is fading, while a steady minus DI is being maintained. ADX is also weakening. These are classic signs for a minor intraday pullback.

The broader sentiment is still positive. The netflow data for the spot market shows a positive flow of +$7.66M, and price has held above previous demand blocks. The correction is contained unless XRP falls below $3.32.

EMAs, Indicators and Charts Confirm Bullish Underpinning

The 4-hour chart shows that XRP is trading above all major moving averages. The 20 EMA, currently at $3.48, is acting as dynamic support. The 50 EMA, at $3.31, and the 100 EMA (at $3.04) offer further support below. The 200 EMA, at $2.75, confirms that XRP has risen above its macro-trend base.

Bollinger Bands have begun to contract again after a previous expansion. The price is currently clinging to the middle band which is around $3.48. The next major move up would be a breakout from the triangle structure, accompanied by a renewed Bollinger Band widthening.

The VWAP and Parabolic SAR are still in flux but the volume behavior continues reflect a healthy consolidation. The Chaikin Money Flow prints a positive 0,08, indicating that capital is still flowing despite the pause.

XRP price Prediction: Short Term Outlook (24H).

In the short term, a confirmed breakout above the $3.62 resistance pennant would likely trigger a movement towards $3.88, and possibly $4.00 where a major technical and psychological barrier awaits. Traders can confirm the breakout by looking for a candle that closes above $3.63, with a rising OBV.

If the price continues to drop below $3.35 and continues to reject, then support is at $3.20 (EMA100 zone) and then $3.04. A breakdown below $3.04 is considered a deeper correction, invalidating the current pennant.

Overall, XRP remains in a bullish position today, consolidating its gains after a major rally. Volume, trend indicators and netflow all support the potential of an upside continuation, unless critical supports are broken.

XRP Forecast Table: July 24, 2020

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