Ripple Recovers above $0.49 to Start a New Upswing

Ripple (XRP) Long-Term Analysis: Bullish
Ripple (XRP) price is in an uptrend but has retraced above the moving average lines to start a new upswing. The altcoin is recovering to start a new uptrend. For an upward restart, the cryptocurrency is consolidating above $0.49 support. At the time of writing, the price of XRP is $0.50. If the current support holds, it is expected that the asset’s value will increase. On the plus side, if buyers are successful in keeping the price above the $0.55 resistance level, the market will rise to $0.62. The upward price movement has been slowed down by the presence of Doji candlesticks. Yet, the crypto asset will be driven to a range bound if buyers are unable to keep the price above the resistance at $0.55.

Ripple (XRP) Indicator Analysis
The Relative Strength Index for period 14 shows that Ripple is now trading at level 59. There is still room for XRP to rise. The price increase is caused by the price bars being higher than the moving average lines. Bullish momentum has stalled above the daily Stochastic’s level 25.

Technical Analysis
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)?
Although XRP is consolidating above $0.49, Ripple is in a bullish trend zone to start a new upswing. Doji candlesticks have contributed to a little increase in the trading of altcoin. But if the price increases, the altcoin will move forward and pass through the $0.55 barrier level. A new record high of 40.62 will be reached by the crypto asset.

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