Ripple Hovers above the $0.37 Support as Bulls Attempt to Sustain the Uptrend

On July 30, the price of Ripple (XRP) rose to a high of $0.41, but the bulls failed to maintain the upward momentum above the recent high.

On June 30, XRP owned a long candle wick, suggesting that there is strong selling pressure at the recent high. The cryptocurrency has retreated to the low of $0.36. The current uptrend could continue if the price goes back above the moving average lines. If XRP rises above the moving average, the resistance at $0.38 will be broken. The altcoin will rally to $0.45 and $0.48. Conversely, the downward correction will continue if the price declines and falls below the moving average lines. The market will fall to the previous low at $0.32 and $0.30. 

Ripple indicator analysis

XRP is at level 55 of the Relative Strength Index for the period 14. Ripple is still in the uptrend area despite the retracement. Ripple’s price bars are above the moving average lines and XRP will rise as long as the price bars are above the moving average lines. The altcoin is below the 20% area of the daily stochastic. This indicates that selling pressure has reached bearish exhaustion.

Technical Indicators:

Key Resistance Zones: $0.40, $0.45, $0.50

Key Support Zones: $0.30, $0.25, $0.20

What is the next move for Ripple?

Ripple is on the retreat after rejecting the high at $0.41. The current decline has reached bearish exhaustion. The altcoin is hovering above the moving average and preparing to hold above the lines. 

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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