XRP Struggles Above $0.60 Support As Buyers Jump Back In

The price of XRP (XRP) is trading above the moving average lines after the breakout on September 14.

XRP long term analysis: bullish

Buyers maintained their bullish momentum by holding above the moving average lines for two weeks. On September 29 and 30, buyers attempted to hold the price above the overhead resistance of $0.64 but failed to do so. The cryptocurrency was sold off at a high of $0.66. 

On a positive note, if the buyers are successful, the market will rally to a high of $0.74. However, extended candle wicks point to the resistance level. This suggests significant selling pressure at higher prices. On the downside, XRP will fall above the moving average lines if it turns down from the recent high. Currently, XRP has declined and found support above the moving average lines or the low of $0.60. XRP is now worth $0.62.

XRP indicator analysis

The uptrend will continue once the altcoin trades above the moving average lines. On the 4-hour chart, the price bars are falling between the moving average lines. This indicates a continued sideways movement of the cryptocurrency.

Technical indicators:  

Resistance Levels – $0.80 and $1.00

Support Levels – $0.40 and $0.20

What is the next direction for XRP?

On the 4-hour chart, XRP has retraced between the moving averages. Buyers have not been able to sustain the price above the overhead resistance level of $0.64. The uptrend will resume once the price rises above the 21-day moving average line. The depreciation of the asset will begin when the bears fall below the 50-day moving average line or the $0.60 support. In the meantime, the altcoin is trading above the $0.60 support.

Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.