XRP price is up 70% in July, but will more gains follow?
Nonetheless, fractal analysis of XRP's recent candlestick and price momentum patterns hints that a sharp market correction is not off the table, particularly if history repeats.Notably, certain XRP market signals preceded a 65% price decline in Q2, 2021. These are now flashing again, namely the multi-year descending trendline resistance and an"overbought"The descending trendline resistance has limited XRP's upside since January 2018.
Overall, the resistance confluence, coupled with an overbought RSI, now raises XRP's risks of a market correction. In this case, XRP price will likely fall toward the lower trendline support near $0.52 by September, down almost 40% from current price levels.Interestingly, the downside target appears closer to XRP's 50-week exponential moving average , which raises the possibility of a bounce around this level.
As of July 20, XRP price is up 70% month-to-date, outperforming the broader crypto market, which rose only 5% in the same period. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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