Ripple Bulls Try To Push Altcoin Above $0.38, But Face Tough Resistance
Jul 29, 2022 at 13:25 //
PriceThe price of Ripple (XRP) continues its uptrend for the third consecutive session, breaking through $0.38 resistance.
Long-term forecast for the Ripple (XRP) price: bullish
On June 24, buyers pushed the XRP price to the high of $0.386, but could not sustain the upward momentum to the previous highs. As a result, the market fell to a low of $0.30. After a downward correction, XRP corrected upwards to the high of $0.381, but the cryptocurrency faced another rejection as it plummeted to the low of $0.32.
In today's price action, XRP is still fluctuating below the overriding resistance of $0.38. The upside move is doubtful as the market is reaching the overbought zone. A break above the $0.38 resistance will push XRP to $0.44 and $0.53 price levels. On the other hand, if XRP/USD experiences another rejection, the cryptocurrency will decline and return to the previous lows at $0.30 and $0.33.
Ripple (XRP) Indicator Analysis
XRP is at level 60 of the Relative Strength Index for the period 14. The altcoin is in the uptrend zone and is capable of further upward movement. Ripple's price bars are above the moving average lines, signaling further upward movement. The altcoin is above the 80% area of the daily stochastic. This indicates that the XRP has reached the overbought zone. The altcoin could continue to decline.
Technical Indicators:
Key resistance zones: $0.40, $0.45, $0.50
Key support zones: $0.30, $0.25, $0.20
What is the next step for Ripple (XRP)?
Ripple is trading in the overbought region of the market. Sellers will emerge in the overbought region, which will force the cryptocurrency to decline. XRP will resume its uptrend if the resistance at $0.38 is broken and the upward momentum continues. Otherwise, the downward correction will continue.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow