Ripple Forecast: July 2021

XRP/USD continues to traverse within a dangerous trading ground for traders who believe bullish momentum will emerge.

XRP/USD has fallen in value in June keeping its rather negative mid-term trend consistent.  As late as the 17th of May, XRP/USD was trading near the 1.70000 ratio, but since producing this rebound higher after trading below the 1.00000 mark on the 25th of April, Ripple has not been able to produce a significant or durable move higher. The top value for XRP/USD in June was recorded on the first day of the month near 1.08000. As July gets ready to start, XRP/USD remains under seventy cents.

Yes, on the 22nd of June when many of the major cryptocurrencies traded near lows, XRP/USD correlated with its counterparts and tested the fifty cents ratio. So Ripple like the other major cryptocurrencies has been able to produce a rather polite reversal higher, but this momentum has not been easily won. On the 22nd of June a high of around 68 cents was seen, but XRP/USD then fell to 58 cents only two days later. The rather choppy conditions in Ripple and inability to puncture resistance which would indicate a change in sentiment is underway, remains evidence for bullish traders to be cautious.

This certainly doesn’t mean XRP/USD will only trade in a negative manner in July, there are going to be reversals higher and speculative bulls who buy at lower support levels may find solid opportunities for short term trades.  This is an important point, traders may want to consider the possibility of conducting short term trades in XRP/USD until a sincere bullish move is reignited, and when that will happen remains a tough question to answer. While the downside continues to be challenged, it is speculative bears who may be achieving the best trading results.

image

Until Ripple is able to break through the 70 and 80 cents price junctures with a sustained show of force, and current sentiment within the broad cryptocurrency market remains fragile, selling XRP/USD on reversals higher may prove to be a worthwhile endeavor. Traders who are stubborn and only look for bullish moves higher need to consider that Ripple lost over half of its value from the start of June when the lows from the 22nd of the month were demonstrated. Cryptocurrency traders may have a natural tendency to remain optimistic about the potential of sudden gains emerging, but the mid-term trend in XRP/USD remains weak.

Ripple Outlook for July:

Speculative price range for XRP/USD is 0.41000 to 0.90000

If current support ratios near the 60 cents levels begin to look vulnerable traders may grow nervous and suspect lower prices will be seen.  The past week of trading has seen a rather tight consolidated range in XRP/USD and if the cryptocurrency remains challenged and unable to consistently move above the 69 to 73 cents junctures, traders may remain rather cautious. While support near the 50 cents mark did hold in June, if this lower value is proven to be vulnerable, a test of early April and late March prices could be seen.

Ripple does have the capability of creating sudden momentum and it can be volatile like every other cryptocurrency. If sentiment should suddenly start to become optimistic and positive momentum is produced within XRP/USD, traders may become increasingly encouraged if the 75 cents juncture sees steady trading. A move above 80 cents could underscore another swift wave upwards is about to emerge too.

Traders should use their risk management wisely with Ripple and limit orders are encouraged to battle against the potential of spike and odd price fills. The rather tight range that XRP/USD has created the past week of trading is unlikely to continue.

XRP/USD July 2021 Monthly

Robert Petrucci
Robert Petrucci has worked in the Forex, commodity, and financial profession since 1993. Important aspects of his work involve risk analysis and advisory services. As an advisor in a Family Office he maintains a conservative approach for wealth management and investments. Robert also works in private finance with investors and companies delivering financial and management services.