XRP, the cryptocurrency issued by Ripple had the biggest move in July, by more than +42% increase. Following the court decision in favor of Ripple in the lawsuit against the SEC the cryptocurrency saw immense boost in its price pushing it past $0,80. This is the first industry win against the SEC, and sets the precedent for other crypto assets, tokens and securities regulation in the United States.
On the technical side the massive spike in volatility is currently followed by a cooldown period and this is why we see a sideway movement on the daily chart of the coin. Currently the faster moving average is trading well above the slower one indicating that the overall bullish trend is still valid while the Stochastic oscillator is recording extreme oversold levels further supporting the narrative of potential buying power still able to move the price to the upside.
The levels of $0.65900 & $0.76 are what is considered the technical support and resistance areas respectively since they consist of the 50% and 23.6% of the daily Fibonacci retracement levels
On the technical side the massive spike in volatility is currently followed by a cooldown period and this is why we see a sideway movement on the daily chart of the coin. Currently the faster moving average is trading well above the slower one indicating that the overall bullish trend is still valid while the Stochastic oscillator is recording extreme oversold levels further supporting the narrative of potential buying power still able to move the price to the upside.
The levels of $0.65900 & $0.76 are what is considered the technical support and resistance areas respectively since they consist of the 50% and 23.6% of the daily Fibonacci retracement levels