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Market News XRP Bears to Retarget Sub-$0.65 on a Hawkish Fed Chair Powell

XRP Bears to Retarget Sub-$0.65 on a Hawkish Fed Chair Powell

For XRP, the day is going to be active. The SEC appeal rumor will continue to garner attention, but Powell and the Fed could surprise the markets.

TOP1Markets Analyst

2023-07-26

10827

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Tuesday saw a 0.95% increase in XRP. XRP finished the day at $0.7093, partially correcting a 4.86% decline from the previous day. For the first time since July 14, XRP traded below $0.68.

XRP Price Movement

XRP was down 0.30% at $0.7072 this morning. XRP experienced a bearish opening to the day, dropping from $0.7093 to a low of $0.7063.

Daily chart

The $0.7870–$0.7737 resistance band was still being tested on the daily chart for XRP/USD, and XRP was under selling pressure. The 50-day ($0.5953) and 200-day ($0.4958) exponential moving averages were well above XRP, indicating bullish short-term and long-term price indications.

Notably, a bullish short-term trend was confirmed as the 50-day EMA drew further away from the 200-day EMA. Although the EMAs are sending positive signals, XRP is still within reach of the $0.6530 - $0.6417 support area due to the week's bearish start.

The 14-Daily RSI value of 57.96 aligns with the EMAs and gives optimistic XRP price signals. The run at $0.75 to activate the resistance band between $0.7870 and $0.7737 is supported by the RSI.