Ripple (XRP) has risen above the moving average lines. The cryptocurrency is trading slightly above the 50-day line SMA. XRP will rise to $0.45 if the bullish momentum continues. After that, the bullish momentum will extend to the high of $0.65.
However, the stochastic indicator on the daily chart shows that XRP is trading in the overbought zone. The uptrend of the cryptocurrency is doubtful as the market is reaching the overbought zone. If the altcoin falls below the moving average lines, the market will drop to the current support at $0.28. Meanwhile, XRP/USD is trading at $0.36 at the time of writing.
Ripple indicator analysis
Ripple is at level 58 of the Relative Strength Index for the period 14. XRP is in the uptrend zone and could continue to rise. The price bar of the cryptocurrency is above the moving average lines, indicating a possible rise in the cryptocurrency. XRP is above the 80% area of the daily stochastic. This indicates that the market is in a bullish momentum and has reached the overbought area of the market. XRP could fall to the downside.
Technical indicators:
Major Resistance Levels – $0.80 and $1.00
Major Support Levels – $0.40 and $0.20
What is the next move for Ripple?
Ripple has broken above the moving average lines and resumed its uptrend. This is a sign that the bulls have an advantage over the bears. The upward momentum will continue if the bullish trend is maintained above the moving average. In addition, the downtrend has eased after the May 12 price collapse.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing.
Source: https://coinidol.com/ripple-0-45-high/