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▲ Ripple (XRP) ©Go Dasol
XRP (Ripple) is attempting a moderate rebound around $1.10 after defending the $1.07 support line. While retail investor demand in the futures market remains steady, an analysis suggests that a cautious approach is needed for a full trend reversal, as major technical resistance levels continue to weigh on the price.
According to investment media outlet FXStreet on July 9 (local time), XRP is trading around $1.10 amid a general weakening of investor sentiment in the cryptocurrency market due to rising tensions in the Middle East. On the 9th, the U.S. launched airstrikes on 90 locations along the Iranian coastline, to which Iran's Revolutionary Guard Corps retaliated by attacking U.S. military bases in Kuwait and Bahrain. However, according to Reuters, Qatar's Prime Minister urged both countries to resolve the situation through dialogue.
In the derivatives market, retail investor interest continues to be steady. According to CoinGlass data, XRP perpetual futures open interest remains at approximately 2.14 billion XRP. This is an increase from the 2.09 billion XRP recorded last Tuesday, and the outlet analyzed that if this trend continues, it could support a short-term rebound. Institutional investors, on the other hand, are maintaining a cautious stance. SoSoValue data showed that XRP spot ETFs recorded a net outflow of approximately $7 billion on Wednesday, with sluggish fund flows also observed on the preceding Monday and Tuesday.
Technically, a bearish structure still prevails. XRP is trading below the 50-day, 100-day, and 200-day Exponential Moving Averages (EMA), with the breakthrough price of the downtrend line at $1.15 serving as a key short-term resistance. The Relative Strength Index (RSI) is at 45, remaining below the neutral line, but the Moving Average Convergence Divergence (MACD) histogram showed slight improvement, suggesting limited recovery potential.
The outlet suggested $1.14, near the downtrend line, and $1.17, the 50-day EMA, as short-term resistance levels. It further predicted that the 100-day EMA at $1.28 and the 200-day EMA at $1.49 would act as additional resistance zones. Conversely, no clear structural support levels were identified on the daily chart, indicating that downside risk remains as long as trading continues below the major moving averages. It also suggested the $0.05-$0.07 demand zone as a psychological buying area for investors to watch.
*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.*
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