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Ripple Holds above $0.37 Support as Bulls Fail to Breach the $0.41 High

August 5, 2022

#Price Analysis#RIPPLE#XRP#XRP/USD

Ripple (XRP) Long-Term Analysis: Bullish
Ripple’s (XRP) price has retraced above the moving average lines as bulls fail to breach the $0.41 High. The retracement has subsided as XRP holds above the moving average lines. As XRP holds above the moving average lines, the price action is characterized by small body indecisive candlesticks called Doji. The candlesticks are indicating indecision between buyers and sellers about the direction of the market. On the upside, if XRP rebounds above the moving average lines, the resistance at $0.38 will be broken. The altcoin will rally to $0.45 and $0.48 price levels. On the other hand, if the price retraces and breaks below the moving average lines, the downward correction will resume. XRP will decline to the previous low at $0.32 and $0.30 price levels.

Ripple (XRP) Indicator Analysis
The crypto is at level 54 of the Relative Strength Index for period 14. It is in the uptrend zone and may further rise. Ripple’s price bars are above the moving average lines indicating a further upward move. The altcoin is below the 50% range of the daily stochastic. It indicates that the market is in a bearish momentum.

Ripple Holds above $0.37 Support as Bulls Fail to Breach the $0.41 High
XRP/USD – Daily Chart

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‘s final price action is characterized by small body indecisive candlesticks called Doji as bulls fail to breach the $0.41 High. The implication is that Ripple will resume a range-bound move for a few more days .

Ripple Holds above $0.37 Support as Bulls Fail to Breach the $0.41 High
XRP/USD – Daily Chart


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