"Riding the Doha Negotiations Tailwind, Rebounding"...XRP (Ripple) on the Verge of Retesting $1.3

▲ XRP/AI generated image

XRP recovered the $1.10 mark, riding the trend of risk asset rebound on news of progress in indirect negotiations between the United States and Iran in Doha, and whether it breaks through $1.15 has emerged as a watershed for retesting $1.30.

According to the cryptocurrency specialized media CoinGape on July 2 (local time), XRP rebounded by 5% over 24 hours on Thursday, reaching near $1.10. The total cryptocurrency market capitalization increased by 4.72% to $2.14 trillion, and Bitcoin (BTC) retested $58,000 this week before reclaiming $61,000.

News of indirect negotiations between the United States and Iran influenced the recovery of market sentiment. Qatar stated that the indirect technical negotiations between the two sides held in Doha have concluded, and there has been positive progress on matters related to the memorandum of understanding. Consequently, concerns about energy supply disruptions were partially alleviated, and international oil prices fell below $68.

However, the negotiations have not led to a final agreement. The media reported that Iran continues to mention the possibility of new attacks, and Washington is also focusing on future nuclear negotiation issues, so uncertainty remains. As geopolitical tensions have not been completely resolved, the XRP rebound should be interpreted restrictively within the overall relief trend of risk assets.

In terms of technical trends, buying pressure is gaining strength again. XRP secured support above $1.06 and then rose to $1.105, strengthening its 4-hour chart recovery structure. The Moving Average Convergence Divergence (MACD) indicator broke above the signal line, and the histogram also turned positive, indicating increasing buying pressure. The Relative Strength Index (RSI) rose to 65, approaching the strong momentum zone.

The key hurdle is $1.15. The media analyzed that while XRP is moving within a short-term upward channel and buyer control has strengthened, a clean breakthrough of $1.15 is necessary to confirm a stronger upward trend. If it surpasses this level, the next target moves to $1.20, and with additional momentum, $1.30 comes into the market's next line of sight.

[Article Key Summary]

-XRP rose by 5% over 24 hours amid news of progress in indirect negotiations between the United States and Iran in Doha, recovering the $1.10 mark.

-The cryptocurrency market capitalization increased by 4.72% to $2.14 trillion, and Bitcoin also reclaimed $61,000.

-If XRP breaks through the $1.15 resistance level, the $1.20 target, followed by $1.30, could be highlighted again.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*