XRP Holds Above $0.61 And Regains Upward Momentum

Aug 06, 2023 at 11:10 // Price
Coin Idol
The bearish momentum has peaked

Cryptocurrency analysts of Coinidol.com report, XRP price has been falling since July 14.

XRP price long-term forecast: bearish

The cryptocurrency value fell to a low of $0.61, but remained above the current support. The price suggests that the market has reached bearish fatigue. As XRP resumes its uptrend, the bearish momentum has paused above the $0.61 support.

At the time of writing, the altcoin is trading at $0.63. XRP is currently trapped between the moving average lines. For a few days, the altcoin will likely be forced to move in a range. If the moving average lines are broken, the cryptocurrency asset will develop a trend. A break above the 21-day line SMA will drive the altcoin to its previous high of $0.85. On the downside, the bearish momentum has peaked.

XRP indicator analysis

The altcoin will continue its sideways trend as long as it is trapped between the moving average lines. XRP remains in the downtrend zone at level 42 of the Relative Strength Index for the period 14. The downtrend has come to an end. The altcoin is currently gaining value as it is above the daily stochastic threshold of 25. As the altcoin changes the direction of the previous trend, the upward momentum has started.

XRPUSD(Daily Chart) – AUG. 5.23.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 XRP?

Selling pressure on XRP has eased as the altcoin grows. Price indicators have predicted that a reversal is possible. XRP had an upward correction on July 25, and a retracement candlestick tested the 78.6% Fibonacci retracement line. The cryptocurrency will fall to the $0.63 level of the 1.272 Fibonacci extension as a result of the correction before reversing. The market has retested the $0.63 level and has started to consolidate again as a result of the price movement.

XRPUSD_(4 Hour Chart) – AUG. 5.23.jpg

As we reported on Jul 29, The cryptocurrency asset had two rejections as buyers were unable to keep the price above the resistance level. XRP retreated above the $0.71 support today. 

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 own research before investing in funds.

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