XRP Returns To A Horizontal Trend After Failing To Hold Above $0.94

Jul 22, 2023 at 13:12 // Price
Coin Idol
XRP is currently trading in the oversold zone of the market

Ripple (XRP) price analysis from Coinidol.com. On July 22, 2023, XRP has remained in a limited range as it returns to the lower price area.

XRP Price Long-Term Forecast: Bullish

Since July 13, XRP (XRP) price has held above the $0.70 support level, showing strong momentum. Buyers pushed XRP above the initial $0.80 resistance level on July 19, but were beaten back. The cryptocurrency has returned to a price range between $0.70 and $0.80.

The current movement within the range will continue as long as the resistance and support levels hold. If the bears fall below the $0.70 support, XRP will drop and retest the breakout level of $0.55. The uptrend, on the other hand, will resume when the price breaks the initial barrier of $0.80.

Technical Indicators:

Key resistance levels - $0.80 and $1.00

Key support levels - $0.40 and $0.20

XRPUSD(4 Hour Chart) – July 21.jpg

XRP (XRP) Indicator Analysis

XRP is at level 68 on the Relative Strength Index for period 14. The altcoin is rising in value as it reaches the overbought zone. As the altcoin maintains its rangebound behavior, the price bars are above the moving average. The altcoin is expected to rise as it is in a bullish trend zone.

XRP is currently trading in the oversold zone of the market. The altcoin is trading below the daily stochastic level of 20. The bearish momentum is expected to subside when the altcoin is oversold.

What is the next move for XRP (XRP)?

The cryptocurrency asset is currently in a horizontal trend after the upswing that started on July 13 came to an end. Being in the bullish trend zone, XRP could resume its uptrend. The price of the coin could not rise because it was overbought.

XRPUSD_(Daily Chart) – July 21.jpg

Disclaimer. This analysis and forecast is the personal opinions of the author and does not constitute a recommendation to buy or sell cryptocurrencies and should not be considered an endorsement by CoinIdol.com. Readers should do their own research before investing in funds.

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