Ripple Regains Bullish Momentum as the Altcoin Battles $0.38 Resistance
July 8, 2022Ripple (XRP) is in a downtrend, but the altcoin has resumed its upward correction after rising above the 21-day line SMA. Buyers intend to keep the price above the 50-day line SMA.
A break above the 50-day line SMA will push XRP to reach the highs of $0.43 and $0.45. The upward movement is likely to face rejection at the 50-day line SMA.
However, in the last uptrend, XRP was rejected at the high of $0.38. Today, XRP faces another rejection as the altcoin approaches the overbought area of the market. If XRP falls and finds support above the 21-day line SMA, XRP/USD will be forced to move between the moving average lines. However, if it falls and breaks below the 21-day line SMA, the altcoin will fall to the $0.30 support.
Ripple indicator analysis
Ripple has fallen to level 52 of the Relative Strength Index for the period 14. XRP is trading in the uptrend zone and is capable of further upward movement. The price bars of the cryptocurrency are above the 21-day line SMA, but below the 50-day line SMA. XRP will see an accelerated upward movement if the 50-day line SMA is broken. It is above the 40% area of the daily stochastic. The cryptocurrency is in a bullish momentum. Moreover, the cryptocurrency price bars are below the moving average lines, which indicates a further decline.
Technical indicators:
Major Resistance Levels – $0.80 and $1.00
Major Support Levels – $0.40 and $0.20
What is the next move for Ripple?
Ripple has regained bullish momentum as the price has broken the 21-day line SMA. Buyers are trying to break the 50-day line SMA to resume the bullish momentum. However, the bulls still need to overcome the high at $0.38. In the last price action, the bulls were pushed back as XRP fell to the low of $0.30.
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. Readers should do their own research before investing
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