Ripple Coin Breaks Through The Initial Barrier And Targets The High At $0.57

May 06, 2024 at 15:59 // Price
Coin Idol

The coin price of Ripple (XRP) rises on the breakout above the 21-day SMA.

Long-term analysis of Ripple: bearish

In the previous price action, the cryptocurrency moved between the $0.46 support and below the moving average lines. The bulls have gained the upper hand as buyers have broken through the 21-day SMA. The bullish momentum is expected to reach the high of the 50-day SMA, which is at $0.57.

Similarly, XRP will resume its uptrend if it breaks above the 50-day SMA. A breakout will take the altcoin back to its previous high of $0.74. The price of the altcoin is currently trading at $0.53. The altcoin is trading above the 21-day SMA and below the 50-day SMA. If the price falls below the 21-day SMA, XRP will lose value.

Analysis of the Ripple price indicator

The altcoin is expected to rise as its price bars are above the moving average lines on the 4-hour chart. Also, the price bars on the daily chart have moved between the moving average lines. The cryptocurrency will try to fluctuate between the moving average lines.

Technical indicators:

Key resistance levels – $0.80 and $1.00

Key support levels – $0.40 and $0.20

XRPUSD_ (Daily Chart) -May 6.jpg

What is the next direction for XRP?

XRP has resumed its bullish momentum with the price breaking through the 21-day SMA resistance line. On the 4-hour chart, the uptrend was halted at the high of $0.54. The price of the cryptocurrency has retraced and remains above the 21-day SMA. The Doji candlestick has appeared as the price movement is limited.

XRPUSD_ (4-hour Chart) -May 6.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 Readers should do their research before investing in funds.

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