Cryptocurrency analysts report XRP price surge
The price of XRP has seen a significant increase since October 19, with a trend of higher highs and higher lows. However, the positive momentum was halted at $0.62 on October 31, and the altcoin has been hovering below this level in the last five days, currently trading at $0.61.
XRP price long term forecast: bullish
The market suggests that if the current resistance level is broken, XRP could rise to a high of $0.65. This would make the altcoin overbought. However, if the bullish scenario fails, XRP will likely move sideways between $0.55 and $0.62 before starting to rise gradually.
XRP indicator analysis
On the 4-hour chart, XRP is expected to bounce back if it retests the 21-day SMA (simple moving average). The upward trend is indicated by the rising simple moving averages of the 21-day and 50-day lines. If the bears break below these moving average lines, the current uptrend could come to an end.
Technical indicators
Key resistance levels for XRP are $0.80 and $1.00, while key support levels are $0.40 and $0.20.
What is the next move for XRP?
XRP has maintained its strong trend while retesting the $0.62 resistance level. If the bulls manage to break through this barrier, the upswing will continue. Currently, XRP is rising towards this resistance level.
Hot Take: Further gains for XRP remain speculative
Analytical specialists have noted that while XRP has seen significant gains, there is also selling pressure in the overbought zone of the market. Therefore, any further gains for XRP should be viewed as speculative.
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