Ripple Holds above $0.37 as Bulls Attempt to Breach the $0.38 High
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Ripple (XRP) Long-Term Analysis: Bullish
Ripple’s (XRP) price has resumed its uptrend as bulls attempt to breach the $0.38 high. XRP has risen to $0.37 as it approaches the high of $0.38. In recent times, buyers have failed to keep the price above the $0.38 resistance. Today, the altcoin is trading and approaching the overbought region of the market. Further upward move is doubtful as the market approaches the overbought region. Nevertheless, if the bulls break the resistance at $0.38, the market will rise to levels of $0.44 and $0.53 price levels. On the other hand, if XRP/USD is repelled, the cryptocurrency will decline and revisit the previous lows at $0.30 and $0.33.
Ripple (XRP) Indicator Analysis
The cryptocurrency is at level 59 of the Relative Strength Index for period 14. The altcoin is in the bullish trend zone and capable of a further upward move. The crypto’s price bars are above the moving average lines signaling a further upward move. The altcoin is above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region. XRP is likely to retraces again. The 21-day SMA and the 50-day SMA are making U-turns indicating the uptrend.
Technical indicators:
Major Resistance Levels – $0.80, $1.00, $1.20
Major Support Levels – $0.60, $0.40, $0.20
What Is the Next Direction for Ripple (XRP)?
Ripple has been facing rejection at the recent high as bulls attempt to breach the $0.38 high. The upside momentum will resume if the $0.38 resistance is breached and the bullish momentum is sustained. Otherwise, the downward correction will resume.
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