Ripple Struggles With $0.54 High And Faces Rejection Of Its Recent High

Jun 09, 2023 at 13:10 // Price
Coin Idol
Ripple is trending horizontally

Ripple (XRP) is trending horizontally as long as it trades above the moving average lines.

Ripple price long-term forecast: bullish

The cryptocurrency asset retested the $0.54 resistance on June 4. The positive momentum failed to break the barrier. If the moving average lines are crossed, the altcoin will rise to a high of $0.60. The price of XRP is $0.52 at the time of writing. XRP is currently bouncing below the resistance level mentioned above. Every time it has risen towards the resistance zone, the bears have continued to sell. Currently, the altcoin is bouncing off both the moving average lines and the resistance zone. Since March 29, the aforementioned resistance has not been breached. The cryptocurrency asset will fall below the moving average lines if it is unable to overcome the overhead resistance. If XRP drops to a low above $0.45, it will trade down in a range between $0.45 and $0.54.

Ripple indicator analysis

Considering that the Relative Strength Index for the 14 XRP period is at 60, the price still has room to go up. Ripple will grow as long as the price bars are above the moving average lines. The alternative currency is in a positive trend when the daily stochastic threshold is above 50. Occasionally, Doji candlesticks have appeared, delaying the bullish momentum.

XRPUSD(Daily Chart) – June 9.23.jpg

Technical Indicators:

Key resistance levels - $0.80 and $1.00

Key support levels - $0.40 and $0.20

What is the next step for Ripple?

Ripple is currently trading in the bullish trend zone in anticipation of a test or break of the overhead barrier. The upside moves have been halted since March 29 by a resistance level above it. The market is overbought near the $0.54 level. It is unlikely that the uptrend will continue.

XRPUSD_(4 –Hour Chart) – June 9.23.jpg

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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