Ripple Corrects Upward, But Struggles Below High Of $0.47

May 26, 2023 at 12:13 // Price
Coin Idol
Ripple has moved forward and into the positive trend zone

The Ripple (XRP) price, which has crossed the 21-day moving average line, is in an upward correction.

Long-term forecast for the Ripple price: bullish

The cryptocurrency asset is currently trapped between the moving average lines while trading in the bullish trend zone. On the upside, the $0.47 resistance area marked the end of the positive momentum. Since May 18, buyers have retested the resistance area four times but have been rejected each time. Further growth in the cryptocurrency is unlikely as the market moves into the overbought zone. XRP is trading for $0.46 at the time of writing. Although XRP's downtrend has reversed, it is still constrained by the moving average lines. The cryptocurrency will be forced to move in a range as long as it is between the moving average lines. XRP will perform when the moving average lines cross. For example, the current rise could continue if buyers keep the price above the 50-day line SMA or the resistance at $0.47. The cost of XRP will increase and reach a peak between $0.50 and $0.55.

Ripple indicator analysis

On the Relative Strength Index for period 14, Ripple is at the 53 level. Previously, the altcoin was in an upward correction, but now it is trapped in the area of resistance. When XRP is trapped between the moving average lines, it will be forced to move in one area. The price of XRP has risen into an overbought area of the market during the upward correction. It is above the daily stochastic value of 80. If sellers appear in the overbought area, the altcoin will fall.

XRPUSD_(Daily Chart) – May 26.23.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 has moved forward and into the positive trend zone. The upward movement has been interrupted by the overbought area. Moreover, the current rise could retrace and go sideways as XRP is trapped between the moving averages. After the pullback from the overbought area, the altcoin will trade sideways.

XRPUSD_(4 –Hour Chart) - May 26.23.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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