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The XRP price had a rollercoaster ride after fake news that BlackRock had filed for a spot XRP ETF (exchange-traded fund) was denied by the world’s biggest money manager.

XRP jumped from 65 cents to 73 cents within minutes after the fake filing appeared, but quickly erased those gains after BlackRock denied the story. As of 7 a.m. EST, XRP is trading at $0.6648.

From a big-picture perspective, XRP’s price is on a recovery rally, trying to recover all the ground lost in the slump that began on July 20. The boost had been provided by the July 13 court victory of Ripple over the US Securities and Exchanges Commission (SEC).

Naysayers had missed the 70% gains recorded that day, but even the XRP community members were caught off guard and sprinted to book profits. The ensuing selling pressure sent XRP down, and the payment token is now trying to come back.

XRP Price Faces Overhead Pressure From Formidable Supply Barrier

Ripple price still has some bullish potential as the Relative Strength Index (RSI) remains above the 50 level. However, strong overhead pressure due to the supply barrier extended from $0.6571 to $0.7148. This zone is characterized by strong selling pressure and continues limiting the upside potential for XRP.

Bulls are still in the lead, indicated by the RSI above 50, and the Awesome Oscillator (AO) remains positive. Increased buying pressure above current levels could see Ripple price rise to confirm the continuation of the uptrend above the midline at $0.6847. A break and close above the upper boundary of the order block would render the supply zone a bullish breaker.

It would also set the tone for Ripple’s price to target the next order block, extending from $0.7703 to $0.8198. For a continuation, the Ripple price would also have to break and close above the midline of this order block at $0.7952, extending to collect sell-side liquidity (SSL) residing north.

Ripple priceRipple price
TradingView: XRP/USDT 1-day chart

Also, adding credence to the upside for Ripple price, there remains an inefficiency represented by the fair value gap (FVG) extending from $0.7519 to $0.7623. This order block continues to act as a magnetic pull for Ripple price as the inefficiency or imbalance needs to be filled.

For as long as the Ripple price does not tag this zone, the overall pull will remain to the north. This adds credence to the bullish thesis.

TradingView: XRP/USDT 1-day chart

On the flip side, a rejection from the supply zone between $0.6571 and $0.7148. could send Ripple price below $0.5981. A daily candlestick close below this level would invalidate the bullish thesis, potentially sending XRP between $0.4735 and $0.5392 to the consolidation phase.

Promising Alternative To XRP

Meanwhile, investors are looking to BTCMTX to get ahead of the anticipated Bitcoin (BTC) rally. Traders are flocking to this stake-to-mine project to exploit the low-bar entry.

BTC is the ticker for the Bitcoin Minetrix ecosystem, a cloud-mining platform where investors can stake their tokens for credits. These credits can then be redeemed or burned for mining hash power.

The project is in the seventh stage of the presale, where a single BTCMTX token is selling for $0.0116. So far, the presale has reached $3.932 million out of the $4.683 million target.

Notably, stage 7 will end in about three days, after which the price of BTCMTX tokens will increase. Get ahead by heading to the Bitcoin Minetrix website to buy BTCMTX.

Ranked among the best ICOs to buy now, the Bitcoin Minetrix ecosystem is bringing a much-needed approach to the BTC mining industry.

Visit Bitcoin Minetrix to buy BTCMTX in the presale here.

Also Read:

New Crypto Mining Platform – Bitcoin Minetrix

Bitcoin MinetrixBitcoin Minetrix
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  • Native Token On Presale Now – BTCMTX
  • Staking Rewards – Over 100% APY

Bitcoin MinetrixBitcoin Minetrix

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