The price of XRP has regained its upward momentum and has risen above the moving averages.
XRP long-term analysis: bullish
The bullish momentum is expected to peak at $2.40. XRP was previously trading in a narrow range between the $2.00 support and the $2.65 barrier. The bears held the upper hand and pushed the price to a low of $1.61.
However, the bulls bought the dips as XRP resumed its uptrend. The current uptrend is expected to hit a barrier at $2.30. If the bulls break through the $2.30 resistance level, the altcoin will rise to a high of $2.65. The price of XRP is unlikely to fall below the 50-day SMA support if the buyers defend the existing support. The price of XRP is $2.29 at the time of writing.
XRP indicator analysis
On June 30, the altcoin was between the 21-day SMA support and the 50-day SMA barrier. The value of the altcoin is rising after breaking above the 50-day SMA. If the 21-day SMA support had been broken, XRP would have fallen back to its low. The moving average lines have remained horizontal, indicating a sideways trend.
Technical indicators:Â Â
Key Resistance Levels – $2.80 and $3.00
Key Support Levels – $1.80 and $1.60
What is the next direction for XRP?
The price of XRP has resumed its uptrend after falling to a low of $1.61. On the 4-hour chart, XRP is trading above the moving average lines but below the initial barrier of $2.30. The rise will continue once the initial barrier is broken. The altcoin is expected to reach a high of $2.65.
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.
