Ripple Bulls Engage in Short Rallies as Buyers Attempt to Push XRP to $0.38

Ripple (XRP) has been trading above $0.30 support since June 13. Over the past week, XRP has fluctuated between $0.30 and $0.34, and the bulls have held off any further downward movement in the price. They were able to defend the $0.30 support while the coin made an upward movement.

For example, on June 15-17, buyers pushed XRP to the high of $0.34, but were rejected. Today, XRP is rising upwards, reaching the high of $0.33. Buyers have a difficult task to get back to the upside. On the upside, bulls need to keep the price above the resistance of $0.33, the previous low, and the high of $0.35, which is above the 21-day line SMA. XRP/USD will recover to $0.38 if the current resistances are broken. However, selling pressure will resume if support at $0.30 is broken.

Ripple indicator analysis

Ripple has risen to the 40 level of the Relative Strength Index for the 14 period. XRP is rising to the upside as it holds above the $0.30 support. The cryptocurrency’s price bars are below the moving averages, indicating a downtrend. XRP is above the 25% area of the daily stochastic. Buyers are coming from the oversold area of the market.

Technical Indicators: 

Key resistance levels – $0.80 and $1.00.

Important support levels – $0.40 and $0.20

What is the next step for Ripple?

Since June 13, Ripple has consolidated above the $0.33 support level. The altcoin has reached bearish exhaustion while moving back up. XRP is in an uptrend. A break above the moving average will push the altcoin to resume its uptrend.

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 

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