Ripple Reaches Overbought Region as Buyers Challenge the $0.55 High
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Ripple (XRP) Long-Term Analysis: Bullish
Ripple’s (XRP) price has risen to $0.51 as buyers challenge the $0.55 high. In the first uptrend on September 23, XRP rallied to the high of $0.55 but pulled back to $51 support. The selling pressure persisted as the altcoin declined to the low of $0.43. Buyers recouped above the current support and revisited the previous high of $0.51. Today, the bullish move is facing resistance at the recent high. Buyers could not sustain the bullish momentum because of the overbought condition of the cryptocurrency asset. On the upside, XRP could have rallied to the high of $0.74 if the resistance at $0.55 is breached. However, the altcoin risks decline if it faces rejection at the current resistance of $0.51 high. Ripple may further decline to the breakout level of $0.41.
Ripple (XRP) Indicator Analysis
The altcoin is approaching the overbought region at level 66 of the Relative Strength Index for period 14. In the previous uptrend, XRP was overbought at level 75 as it declined to the low of $0.43. However, the coin will continue to rise as long as the price bars are above the moving average lines. Ripple is also above the 80% range of the daily Stochastic. It indicates that further upward movement of the altcoin is doubtful.
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 has rallied to an overbought region of the market as buyers challenge the $0.55 high. The current uptrend has reached bullish exhaustion. The cryptocurrency asset is likely to decline if buyers fail to overcome the obstacle at the recent high. On the other hand, XRP will resume the second leg of the uptrend when the resistances at $0.51 and $0.55 are breached.
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