Ripple Recovers From Support At $0.48 And Takes Aim At The High At $0.55 Again

Apr 07, 2023 at 09:14 // Price
Coin Idol
The price of Ripple is moving in the bullish trend zone but is bearish

The price of Ripple (XRP) is moving in the bullish trend zone but is bearish.

Long-term forecast for the Ripple price: bullish

The altcoin is consolidating above $0.49, suggesting that the current decline has reached bearish exhaustion. The price of XRP is currently at $0.50. The value of the cryptocurrency is expected to rise if the existing support holds. If buyers manage to keep the price above the $0.55 resistance level, the market will rise to $0.62. Meanwhile, the rising price movement was stopped by the presence of doji candlesticks. However, if the buyers are not able to overcome the resistance level, the price of the altcoin would fluctuate between $0.50 and $0.55.

Ripple indicator analysis

Ripple is currently trading at level 59 of the Relative Strength Index for period 14. XRP is expected to rise much more in the positive trend zone. This is supported by the fact that the price bars are higher than the moving average lines. The daily stochastic value of 25 is exceeded by XRP. The speed of the uptrend has slowed down.

XRPUSD(Daily Chart) - April 7.23.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?

The cryptocurrency value is now recovering from a recent slump and is on the upswing. Since April 3, the cryptocurrency has held steady above the $0.48 support. If the current support holds, the upward movement will pick up speed again. If XRP continues to rise, the $0.55 resistance will either be retested or breached. On the other hand, the altcoin will fall to its previous low if it loses the current support.

XRPUSD( 4 Hour Chart) - April 7.23.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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