XRP Remains Above $0.51 Despite Being Overbought

Sep 29, 2023 at 13:41 // Price
Coin Idol
When one of the moving average lines is crossed, the altcoin will trend

On September 29, the price analysis of Ripple (XRP) had reached a high of $0.51 at Coinidol.com.

Ripple (XRP) Price Long-Term Forecast: Bearish

The price of XRP is rising as buyers seize control of the market and break out above the 21-day line SMA. The price of the cryptocurrency has been fluctuating slightly between $0.45 and $0.55 since August 17.

By the end of September 2023, XRP had broken through the 21-day line SMA. If buyers can keep the price above either the $0.55 resistance level or the 50-day line SMA, XRP's uptrend will resume. The asset will rise to its high of $0.65 if these levels are exceeded.

Now Doji candlesticks limit the price movement. If buyers fail to keep the price above the 50-day line SMA or the resistance level at $0.55, the cryptocurrency asset might continue its movement within the trading range.

XRP Indicator Analysis

The Relative Strength Index for period 14 has XRP at level 49. The price of the altcoin has stabilized at the point where supply and demand are in balance. As the price bars remain between the moving average lines, the cryptocurrency value will continue to move in a range. When one of the moving average lines is crossed, the altcoin will trend. XRP has risen above the daily stochastic level of 80. The overbought zone has been reached by the altcoin. The bullish momentum will weaken soon.

Technical Indicators:

Key resistance levels – $0.80 and $1.00
Key support levels – $0.40 and $0.20

XRPUSD_(Daily Chart) – Sept. 29.jpg

What is the next move for XRP (XRP)?

The value of the cryptocurrency asset has been rising and is now overbought. The market will enter the overbought zone, where the price of the cryptocurrency is expected to exceed $0.55. The overbought zone has not been breached since August 17.

The price of XRP will most likely decline and settle between $0.45 and $0.55.

XRPUSD_(4- Hour Chart) – Sept. 29.jpg

On September 18, Coinidol.com reported that the price of XRP was falling and the bears are trying to retake the previous low of $0.42.

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.

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