XRP Continues Its Bullish Ascent As It Consolidates Above $0.58
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XRP (XRP) Long-Term Analysis: Bullish
The XRP (XRP) price rises to a high of $0.638 as it consolidates above $0.58. Consequently, the cryptocurrency has been unable to break above the $0.64 barrier level. XRP traded in a band of $0.58 to $0.64 during the last two weeks. On the upside, XRP will rise to a high of $0.78 if it breaks above the $0.64 resistance level.
However, the altcoin’s upward trend has been range-bound as it consolidates above the $0.58 support or the 21-day moving average line. If the altcoin does not break above the resistance level of $0.64, it will fall. On the downside, a break below the $0.58 support or the 21-day SMA would force the altcoin to fall past the 50-day SMA or the $0.50 low. XRP is now worth $0.599.
Technical Indicators:
Major Resistance Levels – $1.00, $1.50, $2.00
Major Support Levels – $0.50, $0.30, $0.10
XRP (XRP) Indicator Analysis
XRP price bars have been above the moving average lines since the July 13 breakout. The altcoin will appreciate if the price maintains above the moving average lines. However, the moving average lines on the 4-hour chart are sloping horizontally due to the sideways trend. The existence of Doji candlesticks has kept price action consistent.
What Is the Next Direction for XRP (XRP)?
The XRP price has remained trapped at the $0.64 barrier zone as it consolidates above $0.58. The altcoin has retraced and is consolidating above the $0.58 support. Due to the presence of Doji candlesticks, the price movement has remained consistent above the existing support. The crypto signal is stable, thus any upward or downward movement is doubtful.
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