XRP Oscillates In The Fight Against The $0.62 Mark

Cryptocurrency analysts of Coinidol.com report, the price of XRP has skyrocketed since October 19. The cryptocurrency value is trending upwards, with higher highs and higher lows.

XRP price long term forecast: bullish

Since October 31, the positive momentum was halted at $0.62. In the last five days, XRP has been hovering below the recent high. At the time of writing, the altcoin is trading at $0.61.

The price indicator suggests that the market will rise to a high of $0.65 if the current resistance level is broken. If the target price is reached, the altcoin will be overbought. However, if the bullish scenario proves invalid, XRP will be forced to move sideways between $0.55 and $0.62. The cryptocurrency will fluctuate before it starts to rise. In the meantime, the value of XRP will gradually increase.

XRP indicator analysis

On the 4-hour chart, XRP will bounce if it retests the 21-day SMA. A support or resistance line is formed by the simple moving average (SMA) of the 21-day line. The simple moving averages of the 21- and 50-day lines are pointing upwards, indicating that the uptrend is continuing. The current uptrend could come to an end if the bears fall below the moving average lines.

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?

The cryptocurrency has maintained its strong trend while retesting the $0.62 resistance level. Since October 31, the price of the cryptocurrency has been hovering between $0.59 and $0.62. The upswing will continue if the bulls manage to break through the $0.62 barrier. In the meantime, XRP is rising towards the $0.62 resistance level.

On October 27, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the long wick of the candle indicates significant selling pressure in the overbought zone of the market. Nevertheless, further XRP gains are speculative. 

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.