XRP Bounces as It Breaks above the $0.80 Barrier Level

XRP (XRP) Long-Term Analysis: Bullish
The price of XRP (XRP) has resumed a positive trend after rising over the $0.47 support level as it breaks above the $0.80 barrier level.The altcoin spiked to $0.94 before declining. The cryptocurrency asset started moving range-bound between $0.70 and $0.80 price levels after breaking below the $0.70 support level.

XRP has been bouncing back and forth between these range-bound levels for the past week. XRP is now trading for $0.82. If the resistance level at $0.80 is broken, XRP will increase to a high of $1.42. Similar to how it will drop above the breakout level of $0.55 if the current support is broken. XRP is climbing in the interim after breaking above the initial resistance at $0.80.

XRP(XRP) Indicator Analysis
The altcoin is currently trading in the market’s overbought zone. For period 14, XRP is at a Relative Strength Index level of -76. If sellers appear in the overbought region, the coin’s risk decreases. The coin is also trading above the daily Stochastic threshold of 80. The altcoin is retesting the overbought zone, indicating a potential drop.

Meanwhile, the price bars are above the moving average lines, indicating that the coin may climb.

Technical Indicators
Major Resistance Levels – $1.00, $1.50, $2.00
Major Support Levels – $0.50, $0.30, $0.10

What Is the Next Direction for XRP(XRP)?
The value of the crypto asset could decrease when the market grows overbought as it breaks above the $0.80 barrier level. On July 13, XRP fell after reaching an overbought level. Nonetheless, XRP is making a new upward move despite being overbought. Nonetheless, an overbought state may not last in a strong trend. The cryptocurrency’s price will increase to past highs.

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