Ripple Consolidates Above $0.37 as It Challenges the $0.39 Overhead Resistance

Aug 09, 2022 at 08:51 // Price
Coin Idol
XRP risks a decline if the bears break below the moving average lines

Ripple (XRP) price is trading in the bullish trend zone and above the moving average lines. The bottom line is that XRP will continue to rise as long as the price bars remain above the moving average lines. After rejecting the resistance at $0.39, XRP is fluctuating above the 21-day line SMA.

The bulls will repeatedly test the overhead resistance to overcome it. For example, if the bulls overcome the overhead resistance, XRP will rise to the high of $0.49 or the price level of $0.54. However, XRP risks a decline if the bears break below the moving average lines. That is, the altcoin will fall back to the previous low above $0.30. Meanwhile, the cryptocurrency is trading at $0.3765 as it fluctuates below the resistance zone.

Ripple indicator analysis

Ripple is at level 56 of the Relative Strength Index for period 14. It is in the uptrend zone and fluctuating below the overhead resistance. The XRP price bars are above the 21-day line SMA and the 50-day line SMA, suggesting that the market could rise. The altcoin is above the 40% area of the daily stochastic. The bullish momentum has weakened due to the appearance of doji candlesticks.


Technical Indicators

Key Resistance Zones: $0.40, $0.45, $0.50

Key Support Zones: $0.30, $0.25, $0.20

What is the next move for Ripple?

Ripple is in an uptrend but is encountering resistance at the recent high. According to the price indicator, the uptrend will resume when XRP targets the high at $0.49. At the July 30 uptrend, a candlestick tested a 50% Fibonacci retracement level. The retracement suggests that Ripple will rise to the 2.0 Fibonacci Extension level or $0.49.


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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