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XRP Sustains Solid Momentum To $0.37 In All-Green 7-Day Climb

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Ripple (XRP) has walked the last mile after it waded lows at $0.326 and surged by 16% in the last 48 hours. While everything is looking green and bullish, XRP is still faced with the $0.381 resistance, and if the coin fails to shoot over that means a correction is looming.

A candlestick close that goes under $0.381 can debunk the bearish outlook for XRP. Ripple price showed colossal strength as it ricocheted off a support zone that hereinafter triggered a bullish streak seen in the past two days. 

While it was looking extremely bullish as it was able to sustain its momentum at $0.37, investors can’t be overconfident as the recent rally could lead to a retracement or an extension.

XRP Pulls Off 16% Surge In 48 Hours

Ripple price was able to puncture right below the trend line which indicates buying pressure has paused. Even so, Ripple was able to pull around after soaking it up at $0.326. This evidently stirred up a 16% surge in a little over 48 hours.

XRP price may either go above $0.381 and make that as a support line or possibly retrace and retest the $0.340 zone.

Looking at the current market sentiment, a retracement is more likely to happen if the BTC price goes for a u-turn. In effect, the XRP price can always fall back to the $0.340 support zone. Now, if the barrier or resistance zone is breached, the Ripple price may plunge to the $0.326 level.

However, in the event that Ripple price forms a daily candlestick that goes above o$0.381, then this invalidates the bearish confluence. With this development, the XRP price can spike towards $0.439.

Can XRP Go Around The Bearish Divergence Pattern?

Ripple is currently painting a bearish divergence formation which should be taken seriously. The only way to go around the divergence is for the XRP price to plunge or if the XRP price can successfully increase and bypass the invalidation point seen at the $0.48 line.

A warning was recently issued on July 26 as the XRP price was jilted from a trend line that dates back to April of last year. In effect, a $0.24 target was announced which is based on Fibonacci and Elliot Wave projections.

On July 27, the Ripple price was seen to go into reverse with an upsurge in volume and an extreme bullish candle. Moreover, a 3-day morning star pattern was formed which encourages traders to remain glued to bullish targets.

XRP price may go as high as $2 or even $10 one fine day. However, right now, being overconfident about this can be extremely risky profit-wise.

XRP total market cap at $17.9 billion on the daily chart | Source: TradingView.com

Featured image from Medium, chart from TradingView.com

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Report Shows Crypto Assets Record Steady Growth As Inflation Lowers

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Report Shows Crypto Assets Record Steady Growth As Inflation Lowers

The United States’ newest release on its inflation rate for July has created a celebration reason for many, especially the crypto sector. According to the Department of Labor publication, the July customer price index (CPI) report dipped to 8.5%. This was against its last year’s value of 9.1%.

With the report’s release, many people have expressed their recommendations for the Biden Administration and their shock. Some confessed that they have expected to see a spike in inflation due to some of the prevailing factors at the moment. They mentioned that the ongoing Ukraine-Russia war and price increase in goods were expected to play a role.

US President Joe Biden has reacted to the great news of the CPI report. Commenting from the White House, he maintained that the news shows that the economy ran with zero percent inflation for July.

President Biden further mentioned that their approach to controlling inflation yields positive results. Hence, he encouraged Congress to pass the inflation Reduction Act. This will help to build an economy that would reward hard work.

In the past six months, the US reported a negative GDP value for the two quarters of the year. Inflation also rose within the period, as indicated by the high-priced economy.

The report pointed out the monthly energy cost reduction that hit 4.6%. The value contradicts that of 2021, which gave a climbing curve to be at 32.9%. On the part of food expenses, there is a continuous uptrend.

The report recorded an 11% increase for July and a 10.9% rise on a year-over-year basis. Pundits reported that this value stands as the highest surge since May 1979.

Cryptocurrency market trends downwards | Source: Crypto Total Market Cap on TradingView.com

Gasoline prices dipped by 7.7% monthly to give drivers a little aid. However, it remained higher than the value for 2021 by 44%.

Crypto Market Followed An Uptrend

In a new development, the crypto market is making positive progress in price and value. However, the crypto space has been in shamble due to the impact of the crypto winter and other combining factors.

In addition, the geopolitical climate and macro influences had been quite unfavorable. As a result, bitcoin and most major crypto assets experienced drastic price drops over the first half of 2022.

While expecting the CPI July report, many cryptocurrencies dropped on August 9. On its part, BTC plummeted by 4% to trade at $23,100. This sudden downward move was after it hit the $24,000 level as of Monday. For Ethereum, the drop went below 5%.

But the market prices are making a bounce with most assets moving uptrend. For example, while Bitcoin has climbed above $24,200, Ethereum is increasing slightly beneath $1,900 at the time of writing.

Featured image from Phemex, Chart from TradingView.com
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Ethereum (ETH) Price Rallies in Anticipation of Upcoming Merge

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Ethereum Classic Price Rallies Than Ethereum