Ripple Uptrend Is Hampered as It Faces Rejection at $0.38 High
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Ripple (XRP) Long-Term Analysis: Bearish
Ripple’s (XRP) price is in an uptrend as it faces rejection at $0.38 high. XRP is approaching the resistance at $0.38. In the previous price action, the bulls failed to break the resistance on June 24. On the upside, XRP will rise to $0.45 if the resistance at $0.38 is breached. The bullish momentum will extend to the high of $0.65. However, the bullish scenario will be invalidated if the bulls failed to break the resistance at $0.38. Besides, XRP is trading in the overbought region of the market. Sellers will emerge in the overbought region to push prices downward. XRP/USD is trading at $0.37 at the time of writing.
Ripple (XRP) Indicator Analysis
Ripple is at level 62 of the Relative Strength Index for period 14. It indicates that XRP is trading in the bullish trend zone and may further rise. The crypto’s price bar is above the moving average lines and there is the possibility of further upward movement of the cryptocurrency. XRP is above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region of the market. XRP may decline to the downside.
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 trading in the bullish trend zone as it faces rejection at $0.38 high. The bulls will breach the current resistance if the bullish momentum is sustained above the moving average lines. However, the downtrend will resume if the bears break below the moving average lines.
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