XRP/USD finally sees some bullish action after a 1.4% increase in price outperforming the market

July 6, 2020 John Ripple 0

  • XRP/USD has been one of the weakest pairs in the crypto market for the past year.
  • XRP bulls are eying up $0.18 after a decent price increase while the rest of the market remains flat.

In general, XRP’s outlook remains negative, however, the recent bull move could be the beginning of a reversal on the daily chart. XRP is changing hands at $0.177 and opened at $0.1748.

XRP/USD daily chart

At this point in time, it seems that XRP has established a higher low at $0.1729. Buyers are still facing the 12-EMA resistance level established at $0.18 followed by the 26-EMA at $0.186. The current downtrend will only be reversed after both EMA resistances are broken.

XRP/USD 4-hour chart

XRPUSD

Zooming in we can see XRP’s recent bull move as a healthy move, unfortunate, the digital asset got rejected from a significant resistance area at $0.1783 and above towards $0.18. This factor indicates a lack of long-term strength for the bulls which have pushed XRP above both EMAs.