Ripple Regains Bullish Momentum but Battles the Resistance at $0.40
Nov 25, 2022 at 13:41 //
PriceRipple (XRP) is falling, but has since corrected to a new high of $0.40. Buyers are trying to keep the price above the recent high.
The $0.40 resistance level has been held since November 9 without being breached. The altcoin will resume its uptrend if the price breaks the barrier at $0.40. The uptrend will continue until the high at $0.50 or $0.55 is reached. Nevertheless, XRP is currently trading in the overbought area of the market. This is the area where the current upswing will most likely end. On the other hand, XRP will fall into the $0.31 to $0.40 range if it encounters rejection at the recent high. The altcoin is currently trading at $0.408.
Ripple indicator analysis
On the Relative Strength Index, Ripple is at 51 for the 14 period, indicating that the forces of supply and demand are in balance. The price bar is above the SMA for the 21-day line, but below the SMA for the 50-day line. If the 21-day line SMA holds, XRP will be forced to move between the moving average lines. XRP is currently overbought as it is trading above the daily stochastic value of 80. Cryptocurrency prices are likely to fall.
Technical indicators:
Major Resistance Levels - $0.80 and $1.00
Major Support Levels - $0.40 and $0.20
What is the next move for Ripple?
Currently, Ripple has been moving within a limited range for two weeks. If the support level at $0.31 is broken, the downtrend will resume. However, XRP will continue to fall until it reaches a low of $0.19. While all this is happening, XRP is struggling to regain upside momentum above the high of $0.40.
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