XRP Resumes Its Ascent, But Faces An Obstacle At $0.55

Oct 21, 2023 at 07:50 // Price
Coin Idol
Ripple has started to develop positive momentum again

Cryptocurrency analysts of Coinidol.com report, the price of XRP has regained positive momentum after breaking above the moving average lines.

XRP price long-term forecast: bullish

The altcoin reached a high of $0.53. The current positive momentum is expected to reach a high of $0.56, but will face resistance at a high of $0.55. Buyers have failed to maintain positive momentum above the high of $0.55 since August 17.

The market has been overbought at the recent high. However, if XRP breaks above the $0.55 resistance and the uptrend continues, it will resume its upward momentum. The altcoin will rise to a high of $0.66. If the bullish scenario proves to be wrong, XRP will fall below the moving average lines.

XRP indicator analysis

The cryptocurrency has broken out above the moving average lines, indicating that the bullish momentum has resumed. On the plus side, XRP will continue to rise if the price bars stay above the moving average lines. If doji candlesticks form, it will not matter. The positive momentum will only end if the altcoin falls below the moving average lines.

XRPUSD_(Daily Chart) – OCT. 20.23.jpg

Technical indicators:

Key resistance levels – $0.80 and $1.00

Key support levels – $0.40 and $0.20

What is the next step for XRP?

The cryptocurrency has started to develop positive momentum again. A retraced candlestick tested the 61.8% Fibonacci retracement line of the October 20 rally. The retracement suggests that XRP will rise to the 1.618 Fibonacci extension or $0.5632.

XRPUSD( 4 -Hour Chart) - OCT.20.23.jpg

As we reported on October 13, the price of Ripple has crashed after four unsuccessful attempts to break above the $0.55 resistance level. 

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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