Baxia Markets
July 30, 2021

Can ripple break the resistance at $0.85?

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The cryptocurrency has been on an uptrend for eight out of the last ten trading days; it's up more than 45% since July 20th getting a big boost just two days ago; however, this could come to an end soon.

The price rose like foam in the last few sessions, which naturally increases the relative strength index level to 67%; at the current level, we do not believe that the asset will appreciate a lot more before it finds a pullback. The price trades above the upper Bollinger bands, which is often interpreted as relatively high.


Ripple July 29th 2021

The price trades inside the Ichimoku cloud, which is not entirely bad for the price, but we can expect market uncertainty in the upcoming days. Our parabolic SAR suggests that the price will continue climbing, but other technical indicators do not support this signal.

The Bollinger bands are wide as they opened up aggressively on July 27th, allowing more volatility for the crypto. The price could continue getting gains during the trading sessions but keep an eye on the RSI; as it gets closer to that 70% overbought status, we will likely see the price dropping perhaps temporarily; only time will tell.


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cryptocurrency, trading conditions, technical analysis, trading indicator

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