XRP begins the week bullish, targets a new ATH: check forecast

July is shaping up to be one of the most bullish months for the crypto market this year. The market has opened bullish for the third consecutive week, with altcoins performing excellently. Bitcoin, the leading crypto by market cap, has been consolidating around the $118k level over the past few days. Ether hit the $3,800 mark a few hours ago while Dogecoin leads the charge. XRP has also opened the week bullish and could target a new all-time high over the next few hours or days. XRP finds key support level at $3.40 XRP, the native coin of the Ripple ecosystem, is one of the best performers among the top 10 cryptocurrencies in the last 24 hours. The coin is up 3.5% during that period and now trades at $3.535. The positive performance comes as the broader crypto market remains extremely bullish. XRP added over 20% to its value last week, hitting a high of $3.66 for the first time in roughly eight years. XRP slightly dropped over the weekend, establishing a strong support level around $3.40. The hopes of a spot XRP exchange-traded fund (ETF) and the resolution of Ripple’s case with the SEC are crucial to the inflow of institutional funds into the XRP market. Furthermore, the passing of the GENIUS Act last week was a net positive for US-based crypto projects. The regulatory clarity in the country could increase cryptocurrency adoption, resulting in higher prices for XRP and other leading coins. XRP targets a new all-time high The XRP/USD 4-hour chart is bullish but inefficient, suggesting that the coin could dip lower before rallying higher. The technical indicators are bullish following XRP’s rally over the last few days. The RSI of 66 shows that XRP is currently bullish, but not in the overbought region, indicating further room for growth. The MACD lines are also in the bullish region, suggesting a bullish bias. With XRP establishing strong support at $3,40, it could extend the rally toward last week’s high of $3.66. According to CoinMarketCap, XRP’s all-time high is $3.84, which it reached in January 2018. A successful close above last week’s high will extend the rally toward its 141.40% Fibonacci extension level at $4.10, drawn from the January high of $3.40 to the April low of $1.61. However, the market has been extremely bullish over the past few weeks and could experience some selling pressure. If that happens, XRP faces a correction and a retest of the $3.40 support level. An extended bearish run would see XRP drop to the Inducement Liquidity (ILQ) level at $3.168 over the coming hours or days. The post XRP begins the week bullish, targets a new ATH: check forecast appeared first on Invezz

Source: Invezz