Cryptocurrency analysts of Coinidol.com report, the price of XRP has broken out of the moving average lines and regained bullish momentum.
The cryptocurrency experienced a price spike on December 4, which led to trading above the moving average lines. The cryptocurrency value has recovered above the moving average lines and is now above the 21-day SMA support.
The altcoin is trading at $0.64 at the time of writing. The initial resistance for the positive momentum is the high of $0.65. XRP is expected to rise to its previous high of $0.75 if the resistance is broken at this point. It will be necessary for XRP to move sideways above the moving average if the bullish momentum is neutralized.
The moving average lines are now below the XRP price bars. During the recent price activity, the cryptocurrency was trapped between the moving average lines. The altcoin has a chance to experience significant growth in cryptocurrency value. The horizontally sloping moving average lines are due to the sideways trend.
Key resistance levels – $0.80 and $1.00
Key support levels – $0.40 and $0.20
The altcoin is currently trading above the moving average lines. The resistance level of $0.65 has halted the uptrend. In the past, the price of August 9 served as the current resistance level. It can be assumed that the altcoin will overcome the resistance it previously faced. The altcoin is currently on a downward retreat.
As we reported on December 2, doji candlesticks cause the price movement between the moving average lines to be slower. At the time of writing, the price of XRP is at $0.61.
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.com. Readers should do their research before investing in funds.