The price of Ripple (XRP) has continued to rise above the moving average lines.
XRP long-term analysis: bullish
The cryptocurrency has reached a high of $2.41 and is approaching the next hurdle at $2.47. XRP was previously trading in a range between the $2.00 support and the $2.65 resistance. It is predicted that the cryptocurrency will reach its previous high of $2.65. If buyers break through the $2.65 level to the upside, the positive momentum will extend to $3.00.
However, if XRP falls below $2.65, it will return to its trading range and trade below the recent high but remain above the moving averages. In the meantime, XRP has continued to rise within the positive trend zone.
XRP indicator analysis
The moving average lines on the daily chart are horizontal, although the price has risen above them. This indicates a continuing sideways trend.
However, the moving average lines show an uptrend, with the 21-day SMA above the 50-day SMA in the lower time frame. The lower time frame represents the current uptrend.
Technical indicators:
Key Resistance Levels – $2.80 and $3.00
Key Support Levels – $1.80 and $1.60
What is the next direction for XRP?
The price of XRP has risen and is approaching the $2.65 barrier. It is likely that the current positive trend will be halted at $2.65. The XRP price is currently frozen at around $2.45, its peak. The price of the cryptocurrency is bouncing below its previous high in anticipation of an uptrend. If the bulls fail to break the recent high, the sideways trend will resume.
Coinidol.com reported on July 3 that the bullish momentum is expected to peak at $2.40. XRP was previously trading in a narrow range between the $2.00 support and the $2.65 barrier.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
Source: https://coinidol.com/ripple-price-fluctuates-between/