Ripple Consolidates Above $0.84 as XRP Faces Rejection at $0.90
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Ripple (XRP) Long-Term Analysis: Bullish
Ripple’s (XRP) price is making an upward move as XRP faces rejection at $0.90 resistance. This will be the second time; the cryptocurrency will be facing resistance at the $0.90 high. In the first rejection, XRP declined below the moving averages to a low of $0.62 as bulls bought the dips. Today, the market has retraced to the low of $0.87. On the upside, if the bulls had broken the $0.90 high, the altcoin would have rallied to the $1.01 overhead resistance. A break above the overhead resistance could have taken XRP out of downward correction. Today, if the market retraces above the moving averages, XRP will resume a fresh uptrend.
Technical indicators:
Major Resistance Levels – $2.00, $2.50, $3.00
Major Support Levels – $1.50, $1.00, $0.50
Ripple (XRP) Indicator Analysis
The crypto is at level 64 of the Relative Strength Index for period 14. XRP is in the uptrend zone and approaching the overbought region. XRP’s price bars are above the moving averages which propel the altcoin to rise. XRP/USD is below the 40% range of the daily stochastic. It indicates that XRP is in a bearish momentum. The 21-day line and the 50-day line moving averages are sloping northward indicating an uptrend.
What Is the Next Direction for Ripple (XRP)?
On the 4 –hour chart, XRP/USD declines as XRP faces rejection at $0.90 resistance. Meanwhile, on March 28 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that XRP will fall to level 2.0 Fibonacci extension or $0.79. From the price action, XRP has retraced but it is consolidating above the $0.84 support.
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