Ripple Holds Above $0.38, But Threatens To Fall Back To Previous Low
January 20, 2023The uptrend of Ripple (XRP) has been stopped near the $0.40 resistance since January 14.
Long-term forecast for Ripple price: bullish
The resistance at $0.40 has not been breached since November 10. This means that the value of the cryptocurrency will again fluctuate in a price range between $0.31 and $0.40. Last week, the price of XRP fluctuated between $0.38 and $0.40 while trading below the barrier. On the downside, the market will fall below the moving average lines if sellers break the current support at $0.38. The break below the moving average lines will accelerate the decline in the price level. At the time of writing, the price of XRP is at $0.39.
Ripple indicator analysis
The Relative Strength Index (RSI) has been consistently above the level of 61 for the last 14 years, and the cryptocurrency asset has maintained its position above the support of $0.38 through consolidation. Once this level is breached, selling pressure will resume. The moving average lines are below the price bars, suggesting that the altcoin could rise. Above the stochastic threshold of 75 on the daily basis, Ripple is in a positive momentum. The altcoin has entered the overbought zone of the market.
Technical indicators:
Key resistance levels – $0.80 and $1.00
Key support levels – $0.40 and $0.20
What is the next step for Ripple?
After rejecting the recent high, Ripple (XRP) resumed its movement within the trading range. The current positive momentum was not able to overcome the $0.40 resistance, which led to the intra-range movement. However, if the altcoin fails to hold the $0.38 level, the selling pressure will return.
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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