XRP Rises above $0.71, but Risks Decline below $0.63
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XRP (XRP) Long-Term Analysis: Bullish
XRP (XRP) price retraces as it finds support above the moving average lines but risks decline below $0.63. Buyers have been unable to break through the barrier at $0.85 for the past week. After two failed tries, XRP resumed selling pressure. If the altcoin retraces above the moving average lines, the present rally may resume. This implies that the coin will climb and retest its previous high of $0.85.
The price indication predicts a further drop to a low of $0.63. At the time of writing, XRP is trading at $0.71. On the negative side, the price indicator forecasts that cryptocurrency will continue to plummet. XRP might fall even more to $0.63. If XRP falls below the 21-day SMA, it will be caught between the moving average lines. Meanwhile, XRP is trading above the moving average lines.
Technical Indicators
Major Resistance Levels – $1.00, $1.50, $2.00
Major Support Levels – $0.50, $0.30, $0.10
XRP(XRP) Indicator Analysis
The cryptocurrency is in a bullish trend zone, with the Relative Strength Index at 58 for period 14. The cryptocurrency’s price is above the moving average lines, indicating that it will continue to rise. XRP is in a negative trend below the daily Stochastic threshold of 40. If the price falls below the 21-day SMA, selling pressure will resume.
What Is the Next Direction for XRP(XRP)?
XRP is currently trading above the $0.71 support and the moving average lines but risks decline below $0.63. If the current support holds, the selling pressure will be relieved. The price indicator predicts that XRP will fall to the 1.272 Fibonacci extension level, or $0.63. In the meantime, price movement has been limited due to the presence of Doji candlesticks.
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