Ripple (XRP) Faces Rejection at $0.83, Uptrend Is Likely

Ripple (XRP) Long-Term Analysis: Bullish
Today, Ripple’s (XRP) price has risen to $0.85 high but buyers are facing stiff opposition. Since August 7, buyers have been struggling to break above the $0.83 high. XRP was in a downward correction for over a week before the bulls overcome the $0.76 high. On the upside, if the bulls break the current resistance, XRP will reach a high of $0.95. However, where the current resistance is unbroken, the coin will be fluctuating between $0.76 and $0.85. Meanwhile, on August 8 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Ripple is likely to rise but reverse at level 1.272 Fibonacci extension or level $0.92.

Ripple (XRP) Indicator Analysis
The altcoin is at level 68 of the Relative Strength Index period 14. It indicates that XRP is approaching the overbought region at level 70. XRP has not enough room to rally on the upside. Ripple is above the 79% range of the daily stochastic. The coin is also approaching the overbought region of the market. The 21-day and the 50-day SMAs are sloping upward indicating the uptrend. The crypto’s price is above the SMAs which indicate that the market is rising.

 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’s (XRP) price is in an upward move but it is facing rejection at the $0.83 high. The bulls have been repelled twice at the resistance. Meanwhile, on August 8 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ripple is likely to rise to level 2.0 Fibonacci extension or level $0.97.

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