Ripple Reaches Bullish Exhaustion On Rebound To $0.55 High

Jun 03, 2023 at 09:44 // Price
Coin Idol
Ripple is rising while the trend is ambivalent

Ripple (XRP) is rising while the trend is ambivalent.

Long-term forecast for Ripple price: bullish

XRP is rising as buyers try to return to the previous high of $0.55. Buyers have failed to keep the price above $0.55 since March 29, so the sideways trend continues. Today's high of the XRP price was $0.52. Given the current uptrend, the high at $0.56 is probably not too far away. However, the current momentum is rejected near the high at $0.52. The price fell back to the low of $0.50 on May 30, reversing the upward momentum. The initial resistance level of $0.52 is currently under attack by the XRP price. A rise above the high of $0.55 is expected if the barrier is broken. If the bulls fail to overcome the resistance level, XRP/USD will be forced to fluctuate below it.

Ripple indicator analysis

On the Relative Strength Index for period 14, XRP is currently at level 69 due to the recent rise, which means that the current rise has reached bullish exhaustion. There is a possibility that XRP will experience another rejection at the upper resistance. As the market has risen, the price bars are above the moving average lines. There is a risk that XRP will fall because it has risen above the daily stochastic threshold of 80. There could be sellers who try to lower the prices.

XRPUSD_(Daily Chart) – June 3.23.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?

XRP/USD is now in a positive trend zone. The altcoin is on the verge of breaking above the overriding resistance of $0.55. The cryptocurrency asset has reached bullish exhaustion as it faces initial resistance at $0.52. The altcoin will fall if it is rejected at the current high. In other words, the sideways trend will continue.

XRPUSD_(4 –Hour Chart) – June 3.23.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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