XRP (XRPUSD) Price Forecast: August 10
The XRP market remains positive as it shows a bullish flag, indicating that the bulls are gaining strength in the XRP market presently. The cryptocurrency has been gaining momentum for the past few weeks. From the look of things, the coin may continue its bullish movement if buyers should aggressively increase their activities in the market. The coin might further climb up to the $0.744 upper resistance level and beyond, resulting in massive gains for the coin investors.
Key Levels:
Resistance Levels: $0.500, $0.600, $0.700
Support Levels: $0.400, $0.300, $0.200
XRP (USD) Long-term Trend: Bullish (Daily Chart)
The XRP price shows a bullish flag and looks good for long-term investors, as the coin is experiencing a jolly bullish move in its long-term view. The coin price is above the moving averages with huge volumes from the bulls. Thus, the recent market structure has favored the bulls.
The sustained bullish pressure pushed the coin price upside to a $0.600 high level before the end of yesterday’s session, enhancing the crypto price to show a bullish flag and remain firm above the supply levels in its recent high.
At the press time today, the market price of XRPUSD shows a bullish flag at the $0.627 high level above the moving averages as the daily chart opens, implying that the price is in an uptrend and from the way it is at the moment, it will keep growing.
Despite the uptick in XRPUSD price, the bulls must prove their strength by breaking above a $0.744 crucial resistance to keep the trend intact.
Hence, there is a tendency for the coin to rise further, if the support level holds, this will enable buyers to take the price up to a high of $0.800 soon as it shows a bullish flag in its long-term perspective.
XRP (USD) Medium-term Trend: Bullish (4H Chart)
In the medium-term time frame, the XRPUSD pair shows a bullish flag as the prices are above the moving averages and have confirmed a bullish momentum breaking up the previous high. The pair is in a smooth uptrend as seen from the chart below.
The sustained bullish pressure pushed the currency pair up to a $0.600 high level during the last session, making it possible for the pair to show a bullish flag and remain firm in an uptrend in its recent high.
As the 4-hourly chart opens today, the price of XRP shows a bullish flag as it surges sharply above the resistance trend lines at the $0.627 level due to a strong bullish influence on the crypto.
Thus, a possible breakout from the $0.627 current retracement neckline will accelerate the buying momentum and push the prices to hit the $0.658 previous resistance level, suggesting a high bullish recovery sentiment.
In addition, with the daily stochastic pointing upwards, we can expect more bullish action, if all the support holds in place. The price of XRPUSD might jump to the $0.800 upper high level soon as it shows a bullish flag in its medium-term outlook.
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