Ripple Price Prediction: Is XRP a Buy or Sell this month?
The Ripple price has been under pressure in the past few days. The XRP price is trading at $0.7150, which is about 8% below the highest level this month. The coin has a market capitalization of more than $33 billion and is the sixth-largest coin in the world.
Ripple had a relatively good month in July. It initially declined by more than 21% in the first three weeks of the month. The price reached a low of $0.5157 on July 21st. It then bounced back by more than 50% and reached a high of $0.7763.
Ripple and other cryptocurrency prices have had a difficult past few months. The price has declined by more than 65% from the highest point this year. This happened as investors worried about higher interest rates in the United States. There was also profit-taking in the market after the coin rose by more than 930% from the lowest level this year.
The four-hour chart shows that the XRP price formed a double-bottom at $0.5190 in July. The price has formed an inverted head and shoulders pattern. It has also formed a bullish flag pattern. It has also moved below the lower side of this flag pattern.
The coin is between the 50-day and 25-day moving averages. Therefore, there is a possibility that the coin will bounce back this month. If this happens, the next key resistance level at $1, which is about 40% above the current level. The alternative scenario is where the price retests last month’s low of $0.5190.
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Ripple had a relatively good month in July. It initially declined by more than 21% in the first three weeks of the month. The price reached a low of $0.5157 on July 21st. It then bounced back by more than 50% and reached a high of $0.7763.
Ripple and other cryptocurrency prices have had a difficult past few months. The price has declined by more than 65% from the highest point this year. This happened as investors worried about higher interest rates in the United States. There was also profit-taking in the market after the coin rose by more than 930% from the lowest level this year.
The four-hour chart shows that the XRP price formed a double-bottom at $0.5190 in July. The price has formed an inverted head and shoulders pattern. It has also formed a bullish flag pattern. It has also moved below the lower side of this flag pattern.
The coin is between the 50-day and 25-day moving averages. Therefore, there is a possibility that the coin will bounce back this month. If this happens, the next key resistance level at $1, which is about 40% above the current level. The alternative scenario is where the price retests last month’s low of $0.5190.
Feel free and get in touch for more ideas and trade signals
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