XRP Pullback Eases On The Way To The $0.55 High

The price of the Ripple or XRP coin (XRP) has recovered from its low of $0.38.

XRP long-term analysis: bullish

On July 5, the bulls bought dips and continued to consolidate above the $0.40 support but below the moving average lines. On July 8, XRP price rallied and broke above the moving average lines. It reached a high of $0.567, but fell back again as reported by Coinidol.com previously. Today, the altcoin has risen to the price level of $0.53.

During the upswing on July 6, a retraced candle tested the 38.2% Fibonacci retracement line. The retracement predicts that the altcoin will continue to rise and reach the high of the 2.618 Fibonacci extension or $0.5556. In the meantime, the altcoin is rising and approaching its price target of $0.55.

XRP indicator analysis

The current market rally has lifted the price bars above the moving average lines. On the 4-hour chart, the 21-day SMA is above the 50-day SMA, signaling a bullish crossover. This is a bullish sign as XRP is expected to rise. The uptrend is being held back by resistance at $0.57.

Technical indicators:

Key resistance levels – $0.80 and $1.00

Key support levels – $0.40 and $0.20

What is the next direction for XRP?

On the 4-hour chart, XRP is in an uptrend but remains stuck at its high of $0.56. The price of the cryptocurrency has pulled back above the 21-day SMA support. The uptrend will continue as long as the existing support holds. The current upswing will be halted if the bears break below the 21-day SMA support. In the meantime, the crypto signal is bullish as the pullback weakens.

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.