The price of Ripple (XRP) has regained positive momentum after being trapped between moving average lines.
XRP long term analysis: bullish
The cryptocurrency was trapped between the moving average lines for a week before making an upward move above the 21-day SMA barrier. The cryptocurrency is still rising and trading above the 21-day SMA support.
However, the bullish momentum has stalled around the $3.40 resistance level. Further upside for the altcoin is doubtful as it remains below its recent high.
On July 28, XRP failed to break through the $3.40 mark. Later, XRP fell to a low of $2.74. XRP is back in the bullish trend zone. A break above $3.40 would take XRP to a high of $3.66. The altcoin is now trading sideways while the uptrend is still being determined. Today, XRP is trading at $3.32.
XRP indicator analysis
On August 7, buyers pushed the price of the cryptocurrency above its moving average lines. XRP will continue to rise as long as it remains above the moving average lines. The moving average lines have maintained their upward slope, indicating an uptrend. The 21-day SMA is above the 50-day SMA, indicating an uptrend.
Technical indicators:
Resistance Levels – $2.80 and $3.00
Support Levels – $1.80 and $1.60
What is the next direction for XRP?
XRP price is moving sideways after rejecting the $3.40 mark. The cryptocurrency value has declined to the low of $3.20 and is now trading below the $3.40 mark. The price of XRP will rise if it breaks above $3.40. The value of the altcoin will fall if it breaks below the $3.20 low and the 21-day SMA 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.
