XRP Jumps 4.6% as It Tests Resistance, With Next Hurdle at $1.28
Summary
- XRP rose 4.6% to trade near $1.13 as it tested short-term resistance.
- Analysts said a break above $1.13 could lift XRP about 20% to $1.35, though the broader trend still needs confirmation.
- CoinDesk identified a key resistance zone at $1.24 to $1.28 and a demand zone at $1.02 to $1.06, saying the move remains a short-term breakout attempt unless XRP clears $1.24 to $1.28.
Forecast Trend Report by Period
XRP rose more than 4% as it tested a short-term resistance level.
CoinDesk reported on July 21 that analyst Ali Martinez sees a technical buy signal on XRP's monthly chart. On the hourly chart, the token is moving within a symmetrical triangle, he said.
A symmetrical triangle is a pattern in which lower highs and higher lows compress price swings. A breakout can strengthen the short-term trend depending on the direction.
XRP traded near $1.13, up about 4.6% from 24 hours earlier, according to CoinGecko.
Martinez said a move above $1.13 could lift XRP about 20% to $1.35.
Still, the broader trend needs further confirmation. CoinDesk said XRP has been trading within a descending channel that has capped rebounds for months, while the 100-day and 200-day moving averages remain above the price.
The key resistance zone is $1.24 to $1.28. That area overlaps with the top of the descending channel and major moving averages, and XRP needs to break decisively above it to confirm a stronger reversal on the daily chart.
In the short term, holding above $1.13 is the key pivot. The next resistance level is $1.14, near the past 24-hour high, while $1.02 to $1.06 marks a key demand zone on the downside.
CoinDesk said that until XRP clears $1.24 to $1.28, the move is closer to a short-term breakout attempt within a broader descending channel.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.