Ripple Price Analysis — July 27
Following a rough start to the week, Ripple snapped the bearish streak around $0.3260 yesterday. The cryptocurrency has proceeded to return atop the May trendline, with the $0.3500 - $0.3600 range coming into focus again.
However, the US Fed has delivered a 75 basis points (bps) rate hike in its July FOMC meeting today, posing a strong possibility of a sharp decline in the coming hours. If we fail to see a change in trend (XRP remains unaffected by rate hike announcement) in the coming several hours, we could see an aggressive bullish resumption, with XRP retaking the $0.3600 top.
Meanwhile, my resistance levels are $0.3500, $0.3600, and $0.3700, and my support levels are $0.3400, $0.3300, and $0.3200.
Total Market Capitalization: $1.03 trillion
Ripple Market Capitalization: $16.9 billion
Ripple Dominance: 1.64%
Market Rank: #7
However, the US Fed has delivered a 75 basis points (bps) rate hike in its July FOMC meeting today, posing a strong possibility of a sharp decline in the coming hours. If we fail to see a change in trend (XRP remains unaffected by rate hike announcement) in the coming several hours, we could see an aggressive bullish resumption, with XRP retaking the $0.3600 top.
Meanwhile, my resistance levels are $0.3500, $0.3600, and $0.3700, and my support levels are $0.3400, $0.3300, and $0.3200.
Total Market Capitalization: $1.03 trillion
Ripple Market Capitalization: $16.9 billion
Ripple Dominance: 1.64%
Market Rank: #7
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