One of the most amazing aspects of XRP valuation is its affinity towards turning a dollar equivalent. In the last two weeks, we have witnessed a substantial consolidation where XRP can neither break its immediate resistance of $0.77 nor is it going down towards lower levels. On July 30, 2021, the daily candle was instrumental in deciding that it’s time for XRP to consolidate for some time before becoming trending again.
XRP Consolidates Near $0.70 Support
This consolidation can last quite a long, but the XRP price prediction indicates strong support from the swing high of its last level at $0.70. While XRP is trading as per the trendline, we can expect it to take support from the line designated by the Swing Support line. Closing below this level will be deemed negative and should be treated as a stop loss range until.
XRP has a strong resistance around the $0.77 zone, while its long-term support is much below. On another note, closing above the 200 DMA line can present a buying scope for traders as assets often take support from these levels. For now, the resistance is coinciding with the 200 DMA line, and it should take some attempts to give a clear breakout.
RSI can be seen tipping towards oversold zones from current levels. But as long as it remains above 50 and trades above support levels, traders can remain long on XRP for now.
