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▲ Ripple (XRP) ©
XRP (Ripple) is attempting a rebound around $1.10 after holding its $1.07 support level. While retail investors' demand in the futures market remains steady, an analysis suggests that short-term recovery may be limited as major moving averages continue to act as strong resistance.
According to investment media FXStreet on July 9 (local time), XRP is trading around $1.10 amid dampened investor sentiment due to escalating tensions in the Middle East. Geopolitical instability expanded after the US airstrikes on 90 Iranian coastal sites, followed by Iran's Revolutionary Guard attacking US military bases in Kuwait and Bahrain. However, according to Reuters, the Qatari Prime Minister urged both the US and Iran to resolve the situation through dialogue.
In the derivatives market, demand from retail investors showed a relatively stable trend. According to CoinGlass data, XRP perpetual futures open interest remains at approximately 2.14 billion XRP, an increase from Tuesday's 2.09 billion XRP. The media assessed that if this trend continues, it could support a short-term rebound. In contrast, institutional investors maintained a cautious stance. SoSoValue data showed that approximately $7 billion was net outflowed from XRP spot ETFs on Wednesday, and fund flows were also sluggish on Monday and Tuesday.
Technical indicators still pointed to a bearish advantage. XRP is trading below the 50-day, 100-day, and 200-day Exponential Moving Averages (EMA), with the descending trendline at $1.15 presented as a key short-term resistance level. The Relative Strength Index (RSI) remained below the neutral line at 45, but the Moving Average Convergence Divergence (MACD) histogram showed slight improvement, suggesting limited recovery potential.
The media presented the descending trendline near $1.14 and the 50-day EMA at $1.17 as short-term resistance levels. It then projected the 100-day EMA at $1.28 and the 200-day EMA at $1.49 to act as additional resistance zones. Conversely, no clear structural support levels were identified on the daily chart, indicating that the risk of further decline remains as long as trading continues below major moving averages. It also suggested $0.05-$0.07 as a psychological demand zone 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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