XRP Is In A Range But Trading Steadily Above $0.50

Sep 04, 2023 at 11:23 // Price
Coin Idol
XRP is in a range

Cryptocurrency analysts of Coinidol.com report the XRP price has returned to its August 17 price level after the decline.

XRP price long-term forecast: in the range 

At the time of writing, the cryptocurrency is trading at $0.50. The altcoin has remained at this price level for the past two weeks. The only exception was when it retested the $0.55 resistance. The cryptocurrency experienced two rejections at the recent high as it maintains its trend of range bound trading. Due to the presence of doji candlesticks, the price action remained steady above the $0.50 support. The current support is at the historical price level of June 13. As long as the doji candlesticks exist, the market will consolidate above the $0.50 support.

XRP indicator analysis

The price of XRP is consolidating as it approaches the level of the Relative Strength Index 33 for the period 14. As long as the price bars remain below the moving average lines, the cryptocurrency will crash. The current rejection is due to the negative trend zone of the altcoin. The altcoin's upward momentum has slowed down above level 40 of the daily stochastic.

XRPUSD_(Daily Chart) – Sept. 3.23.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 price of XRP will continue to move in a range between $0.50 and $0.55. A price rally or breakout will result in the limited range being exceeded. However, if doji candlesticks dominate the price action, XRP will continue to trade in a range.

XRPUSD_(4- Hour Chart) – Sept. 3.23.jpg

As we reported on August 27, on August 17, the cryptocurrency price regained the support level of $0.50. XRP was trading between $0.48 and $0.56 last week. 

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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