XRP Rises Above the Critical $0.58 Support Level
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XRP (XRP) Long-Term Analysis: Ranging
The XRP (XRP) price rises while remaining in a sideways trend above the critical $0.58 support level. Since the July 17 price increase, upward momentum has paused at the $0.64 resistance. Buyers made concerted efforts over the last month to keep the positive momentum above the resistance at $0.64 but were repelled. On each occasion, the cryptocurrency’s price will fall below the moving average lines, prompting bulls to buy dips.
On August 5, bulls purchased the dips at a low of $0.43. The upward movement hit a high of $0.64 before being halted. The altcoin is now trading in a band of $0.40 to $0.65. Today, the altcoin will increase as it retraces above the 21-day SMA. If the present resistance level of $0.64 is breached, the altcoin will rise to its next high of $0.74. In contrast, if the bears break below the 21-day SMA support, the bullish scenario will be invalidated. The altcoin will hit a low of $0.50.
Technical Indicators:
Major Resistance Levels – $1.00, $1.50, $2.00
Major Support Levels – $0.50, $0.30, $0.10
XRP (XRP) Indicator Analysis
Since July 17, the price bars have moved above the moving average. The bulls recently bought dips as the altcoin fell to a low of $0.43. In addition, On August 5, the long candlestick pointed directly to the $0.43 support indicating strong buying pressure.
What Is the Next Direction for XRP (XRP)?
The XRP price trades between $0.40 and $0.65 as it rises above the critical $0.58 support level. Currently, the altcoin has surpassed the 21-day SMA. The bulls are trying to sustain the bullish momentum above the 21-day SMA support. The altcoin is advancing above the 21-day SMA as it approaches the resistance level at $0.64. The crypto signal is positive as the altcoin continues its ascent.
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