Ripple Overcomes First Obstacle On The Way To $0.45 High

Jan 24, 2023 at 11:50 // Price
Coin Idol
The altcoin is currently approaching the overbought zone

The price of Ripple (XRP) continues to rise, crossing the $0.40 threshold.

Long-term forecast for the Ripple price: bullish

This is the first time since November 10 that positive momentum is maintained after a breakout above the threshold. It is conceivable that the current price rise will go as high as $0.45. However, if the previous highs are surpassed, XRP is capable of further upward movement to the high of $0.50. If the bullish scenario proves to be false, XRP will fall below the $0.41 support on the downside. At the time of writing, the cryptocurrency is trading at $0.42. The altcoin is currently approaching the overbought zone.

Ripple indicator analysis

With a Relative Strength Index of 69 for period 14, XRP has entered the overbought zone. As sellers emerge in the overbought zone, the altcoin will face rejection at the recent high. If the price bars continue to trade above the moving average lines, the upward momentum would continue. Above the daily stochastic threshold of 75, Ripple is in a positive momentum. At the recent high, the bullish momentum is rejected. 

XRPUSD(Daily Chart) - January 24.23.jpg

Technical indicators:

Key resistance levels - $0.80 and $1.00

Key support levels - $0.40 and $0.20

What is the next move for Ripple?

Ripple is moving in a positive direction after breaking above the $0.40 resistance level. If the bullish momentum is maintained, the rise could continue. As the market enters the overbought zone on the 4-hour chart, XRP is stagnating below the $0.43 resistance level.

XRPUSD(4 Hour Chart) -January 24.23.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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