XRP is currently approaching a critical zone around $0.47 which has been acting perfectly well for the past weeks. This level will be important to observe for if there is a strong bounce from here; bulls could find temporary relief and probably lead to short-term recovery. If this support breaks down considering prior price action, the next major supports would be at approximately $0.45 and $0.42.
On retracing up moves, XRP faces several obstacles before reclaiming some losses on the chart. Resistance standing at immediate 20-day EMA ($0.48946) followed closely with psychological $0.50 also in line with 50-day EMA ($0.50605). To change near-term sentiment upward, these levels need to be breached and closed above them forcibly. Furthermore, higher up 200-day EMA stands at $0.52583 forming an important resistance point for this pair as its value tries to reverse gradually into uptrend. Further up, the 200-day EMA at $0.52583 represents a significant barrier that bulls would need to overcome to indicate a more substantial trend reversal.
XRP and market experts on the future
The investor sentiment remains split with speculation about legal outcomes. This adds uncertainty to the looming July 8 deadline for Ripple and to consider their motion to seal documents. For instance, MekaMark suggests that XRP could rally significantly should the courts give clarity in favor of Ripple, which might push its price to around $1. However, declining network activity and continuous regulatory issues have heavily impacted trading volumes now at $860 million after falling by 27%
As EGRAG CRYPTO , a leading analyst specializing in cryptocurrency trends, XRP is at a critical point in time with the ongoing legal disputes and market developments. EGRAG CRYPTO still believes that XRP has what it takes to endure recent setbacks as well as become one of the most powerful market players someday.
