Ripple Struggles to Break High of $0.47 Despite Upward Correction

Ripple Struggles to Break High of $0.47 Despite Upward Correction

Read about the latest bullish trend of Ripple (XRP) and its long-term forecast, with insight on technical indicators and key support and resistance levels.

The Ripple (XRP) price, which has crossed the 21-day moving average line, is in an upward correction.

Longstanding forecast for the Ripple rate: positive  tendency

The digital currency investment is as of now trapped betwixt the moving average lines while trading in the positive  tendency tendency zone. On the upside, the $0.47 resistance area marked the end of the positive momentum. Since May 18, buyers have retested the resistance area four times but have been rejected every time. Further growth in the digital currency is unlikely as the market moves into the overbought zone. XRP Ripple (XRP) is trading for $0.46 at the time of writing. Despite the fact that XRP’s downtrend has reversed, it is still constrained by the moving average lines. The digital currency will be forced to move in a range as long as it is betwixt the moving average lines. XRP Ripple (XRP) will perform when the moving average lines cross. For instance, the present boost could continue if buyers keep the price over the 50-day line SMA or the resistance at $0.47. The expense of XRP Ripple (XRP) will increase and reach a peak betwixt $0.50 and $0.55.

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Ripple indicator analysis

On the Relative Strength Index for period 14, Ripple is at the 53 level. Previously, the crypto altcoin was in an upward correction, but now it is trapped in the area of resistance. And once XRP Ripple (XRP) is trapped betwixt the moving average lines, it will be forced to move in one area. The price of XRP Ripple (XRP) has been  growing into an overbought area of the market during the upward correction. It is over the daily stochastic value of 80. If sellers appear in the overbought area, the crypto altcoin will fall.

Technical indicators:

Key resistance levels – $0.80 and $1.00

Key support levels – $0.40 and $0.20

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What is the following step for Ripple?

 Ripple has moved forward and into positive  tendency zone. The upward movement has been interrupted by the overbought area. Furthermore, the present boost could retrace and go sideways as XRP Ripple (XRP) is trapped betwixt the moving averages. Following the pullback from the overbought area, the crypto altcoin will trade sideways.

XRPUSD_(4 –Hour Chart) - May 26.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell digital currency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing 

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