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Market News XRP Bulls Eye $0.90 on Momentum as Gensler Says Silent on an Appeal

XRP Bulls Eye $0.90 on Momentum as Gensler Says Silent on an Appeal

This morning, XRP was back in motion after two breakout sessions. Silence from SEC Chair Gensler about appeals and settlements has had an impact.

TOP1Markets Analyst

2023-07-20

11888

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Wednesday saw an increase in XRP of 5.37%. Tuesday saw a gain of 5.57%, and XRP concluded the day at $0.8202. Notably, XRP reached $0.82 at the day's finish for the first time since March 2022.

The Daily Chart

XRP/USD was trading below the resistance range of $0.8400 to $0.8600 on the Daily Chart. The 50-day ($0.5503) and 200-day ($0.4784) exponential moving averages were well above XRP, indicating bullish short-term and long-term price indications.

Notably, the 50-day EMA distanced itself from the 200-day EMA and demonstrated near-term bullish momentum.

XRP/USD avoided falling below $0.77 thanks to price support from the $0.7870 to $0.7737 support area, although retreating from a high of $0.9337 on Thursday. However, sub-$0.75 would come into play if the price fell through the support zone between $0.7870 and $0.7737.

The reading of 75.94 on the 14-Daily RSI indicates that XRP is in overbought territory. The EMAs, however, indicate a run at $0.90. In the upcoming sessions, it will be crucial to avoid trading below $0.80.

Four-Hour Chart

On the 4-Hourly Chart, $0.85 is a significant point of resistance for the XRP/USD. The resistance range of $0.8400 to $0.8600 is being tested by XRP/USD.

The 50-day ($0.7010) and 200-day ($0.5695) exponential moving averages are both above the price of XRP, offering optimistic signs for both the short- and long-term outlooks. The 50-day exponential moving average (EMA) made a significant separation from the 200-day EMA, which supported a move through the $0.8400-$0.8600 resistance area to target $0.90.

Bullish XRP price signals are sent by the 14-4H RSI reading of 69.65, which is in line with the 50-day EMA and shows that buying pressure is greater than selling pressure. An important indication of near-term bullish momentum is provided by the RSI, which supports a breakout from the $0.8400–$0.8600 resistance range with a target price of $0.90.