Ripple (XRP) Rebounds as It Challenges the $0.3677 Resistance Level

Ripple (XRP) Long-Term Analysis: Bullish
Ripple (XRP) price rises above $0.34 as it challenges the $0.3677 resistance level. The cryptocurrency has previously recovered after falling to a low of $0.29 on January 2. As the altcoin trades in the bullish trend zone, there is a propensity for a further upward movement. The upward movement is currently being rejected at the $0.3677 high. In other words, the 50-day line SMA has repelled the XRP price. The market’s bullish momentum has reached overbought territory. If it overcomes the first resistance at $0.36, XRP will rise to the following resistance at $0.40. In the event that the recent high is rejected, XRP will decline and resume its sideways movement between the moving average line. XRP is currently fluctuating between moving average lines.

Ripple (XRP) Indicator Analysis
XRP recovers after reaching the Relative Strength Index level 55 for period 14. The altcoin is in a bullish trend zone and could continue to fall. The price bars are in between the moving average lines, suggesting that the cryptocurrency may move in a range. Above the daily Stochastic level 80, XRP has a bullish momentum.

Technical indicators:
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)?
Ripple regains bullish momentum as it challenges the $0.3677 resistance level. Due to its trading in the overbought area of the market, the recent upward movement is encountering resistance. Since the altcoin is stuck below the 50-day SMA, its range-bound movement is likely to resume.

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