Ripple Consolidates above $0.75 Support, Targets $1.30 High
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Ripple (XRP) Long-Term Analysis: Bullish
Ripple’s (XRP) price is trading in the bullish trend zone as it targets $1.30 high . The present uptrend is stuck below the $0.90 resistance. Consequently, XRP has declined and found support above the moving averages. For the past five days, XRP/USD is fluctuating between the $0.75 and $0.90 price levels. On the upside, if XRP rebounds above the current support, the resistance at $0.90 will be breached. XRP will revisit the previous high but may face resistance at $1.00. Conversely, if price breaks below the moving averages, the downtrend will resume.
Ripple (XRP) Indicator Analysis
Ripple has fallen to level 60 of the Relative Strength Index for period 14. The altcoin is still in the uptrend trend zone. XRP’s price is above the moving averages indicating that there is a possible upward move of the crypto. XRP is above 50% area of the daily stochastic. The market has resumed bullish momentum. The crypto is also approaching the overbought region.
Technical indicators:
Major Resistance Levels – $2.00, $2.50, $3.00
Major Support Levels – $1.50, $1.00, $0.50
What Is the Next Direction for Ripple (XRP)?
For the past five days, XRP/USD has been in a range-bound move as it it targets $1.30 high. The cryptocurrency has been trading below the $0.90 resistance. Meanwhile, on February 8 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that XRP will rise to level 2.0 Fibonacci extensions or $1.25. From the price action, XRP has turned from the overhead resistance level as the altcoin continues its range-bound move.
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