The price of Ripple (XRP) has continued to climb higher. This is because XRP has risen above its moving averages. As long as the price bars above the moving averages, the uptrend will continue.
Also, the XRP price is forming a series of higher highs and higher lows. Today, July 30, 2022, Ripple reached $0.76. Now the cryptocurrency is going back to make a higher low. The market will rise after each higher low.
However, if the price declines and falls below the previous higher low, the uptrend is considered to be over. If the price breaks above the $0.76 resistance, XRP/USD will rise to the high of $0.85. Conversely, if the price retraces and breaks below the previous low of $0.70, the market will fall to $0.62.
The Ripple price has risen above the moving averages and the resistance line of the descending channel. This means that the uptrend will continue if the price closes above these levels. XRP has risen to the level 60 of the Relative Strength Index of period 14. This indicates that the market is in the uptrend zone and above the midline 50. Ripple is above the 80% area of the daily stochastic. XRP has reached the overbought area of the market. Another uptrend is doubtful. The 21-day and 50-day SMAs are sloping downward, indicating a downtrend.
Major Resistance Levels - $1.95 and $2.0
Major Support Levels - $0.80 and $0.60
The price of Ripple (XRP) is likely to rise before the emergence of sellers in the overbought region of the market. Meanwhile, on the July 28 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that Ripple is likely to rise to the Fibonacci extension of 1.618 or $0.83.
Disclaimer. This analysis and forecast are the personal opinions of the author 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