Ripple Holds above $0.75 Support as Sellers Attempt to Short
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Ripple (XRP) Long-Term Analysis: Bullish
Ripple’s (XRP) price has found support above the moving averages as sellers attempt to short. The implication is that the cryptocurrency will attempt to rise to the previous highs. XRP/USD is trading at $0.76 at the time of writing. On the upside, if the bulls break above the $0.80 high, XRP will rally above the $0.90 resistance. Ripple will rise and retest the $1.00 overhead resistance. On the downside, if XRP falls and breaks below the $0.75 support, the market will decline to the low of $0.62.
Ripple (XRP) Indicator Analysis
Notwithstanding the recent retracement, the crypto’s price bars are above the moving averages. It indicates that the market will continue to rise as long as the price bars are above the moving averages. Ripple is below the 50% range of the daily stochastic. The stochastic bands are sloping horizontally indicating a sideways trend. The bearish momentum is unstable.
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)?
Ripple is in a range-bound move as sellers attempt to short . Since January 22, XRP has been fluctuating between $0.72 and $0.80 price levels. The bulls have failed to break the resistance at $0.90 after several attempts. Buyers have consistently defended the $0.75 support. The altcoin will rise if the initial resistance is breached.
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