Ripple rallies, testing $0.38 resistance

Ripple rallies, testing $0.38 resistance

Bearish price outlook for ripple over the long term.

The price of XRP rallied above its moving average lines on September 16, breaking above the $0.32 support level in the process. The alternative cryptocurrency reached a high of $0.38, but it has since recovered and is trading above its moving average lines. As long as the price bars continue to be located above the moving average lines, the upward movement will proceed unabated. XRP may reach $0.44 if the bulls are successful in breaking through the barrier of resistance located at $0.38. If however, it is unable to break through the resistance located at $0.38, it will plunge sharply below the moving average. During the most recent price action, XRP dropped below the moving average lines while maintaining its position above the $0.32 support level.

Analysis of ripples in the indicator.

The Relative Strength Index for period 14 places ripple at level 60, indicating that its strength is relatively stable. As a result of the recent price surge, XRP is currently in an uptrend zone. As the price bars of XRP are currently situated above the moving average lines, this points to the continuation of an upward trend. The daily stochastic shows that the altcoin’s price is currently below the 80% area. This suggests that XRP is currently engaged in a downward momentum trend. The lines that represent moving averages are sloping north, which indicates an upward trend. After the recent price increase, the cryptocurrency alternative has entered the overbought zone.

Indicators of a Technical Nature

Key resistance zones: $0.40, $0.45, $0.50

Important support zones are located at $0.30, $0.25, and $0.20.

What are the steps that Ripple will take next?

After the price breakout, there has been a return to bullish momentum for Ripple. The $0.38 level of resistance is acting as a barrier for the upward trend. As long as the cryptocurrency’s price remains above its moving average lines, further gains are possible. While this was going on, the uptrend continued on September 17 and a retraced candle body tested the 50% Fibonacci retracement level. XRP will advance to the level 2.0 Fibonacci extension, which is equivalent to a high of $0.43.

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