- XRP prices have been surging, starting ahead of BTC’s breakout above $60,000.
- This type of price surge ahead of a news event could be a cause for concern for long-term holders.
Ripple [XRP] gained 58.18% from July 8 to July 17, following rumors that a verdict in favor of the payment transfer company in the U.S. Securities and Exchanges Commission (SEC) case against Ripple will be handed down.
The decision of July 13, 2023 declared that XRP is not a security in its secondary market sales. Fred Rispoli predicts the case will go to trial this month. What are AMBCrypto’s XRP market watch price and trend predictions?
Has the market priced in the verdict or does the rally still have room to extend?
Source: XRP/USDT on TradingView
The 11-month long range has been reclaimed and, at press time, the mid-level at $0.585 was being tested as support. If XRP closes the daily session below $0.562, the low from early April, it would be a sign that prices are heading towards $0.46 again.
On the other hand, if the token can stabilize around the $0.57-$0.58 mark over the next few days, it would indicate that the highs of the $0.71 range could be targeted next.
Trading volume has been steadily increasing over the past ten days. The OBV has also spiked to reflect increased buying pressure.
The RSI corrected from overbought territory and reflected sustained bullish momentum after three months of a downtrend market.
XRP Market Watch: Liquidity Pools Could Cause Reversal
Source: Hy Block
The 6-month lookback liquidation heatmap analysis showed a large pool of liquidity just below $0.7. This fits nicely with the range highs at $0.71, with another magnetic zone at $0.751.
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The mid-$0.585 area, which was supposed to offer resistance, has been broken. As things stand, XRP has offered a buying opportunity for trend-following traders.
However, this could also become a “sell the news” type event, which could cause prices to drop towards the end of July.
Disclaimer: The information presented does not constitute financial, investment, trading or other advice and represents the opinion of the author only.