Ripple Consolidates Above $0.36 as Bulls Attempt to Challenge the $0.38 High
July 22, 2022Ripple (XRP) continues to move in the uptrend zone as prices have risen above the moving average lines since July 19.
Buyers maintained the upward momentum as the price reached the high of $0.38. Further upward movement was slowed down by resistance at $0.38. Nevertheless, on June 24, buyers failed to maintain bullish momentum above the high at $0.38, and the price retreated.
The cryptocurrency fell to the low of $0.30 and resumed a new uptrend. Today, the altcoin is trading in the bullish trend zone and there is a possibility of further upward movement of the cryptocurrency. A break above the $0.38 resistance will drive XRP to the $0.45 and $0.53 highs. However, if the bulls fail to break the recent high, XRP will be forced to move sideways below the resistance level.
Ripple indicator analysis
Ripple is at level 58 of the Relative Strength Index for the period 14. RSI has remained the same, while the altcoin is fluctuating below the resistance level. XRP is in the bullish trend zone and could continue to rise. The price bar of XRP is above the moving average lines, indicating a possible rise in the cryptocurrency. XRP is above the 80% area of the daily stochastic. This indicates that the market is in a bearish momentum as the altcoin risks a 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 recovered from the downtrend as the cryptocurrency price has risen above the moving average lines. Currently, XRP is consolidating above the $0.36 support and above the moving average lines. XRP could rise in the bullish trend zone and break the resistance at $0.38.
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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