XRP Eyes the $2.40 High as It Faces the $1.70 Barrier

KEY TAKEAWAYS

•     XRP has regained bullish momentum after breaking above the $1.30 barrier but faces rejection at the $1.70 resistance level

•     The current retracement remains constructive as long as XRP holds above $1.30 and $1.40 support levels

•    A decisive break above $1.70 could open the way toward $2.40, while a sustained fall below the key support would weaken the bullish outlook

XRP/USD Long-term Trend: Bullish

The XRP price resumes its bullish ascent above its historical support of $1.00 as it faces the $1.70 barrier. Since June 5, the crpto asset has remained above the $1.00 historical support level. In past price action, buyers made persistent efforts to push the price above the moving average lines but were unsuccessful.

On August 19, the cryptocurrency rallied and broke above the moving average lines and the $1.30 barrier. XRP rose to a high of $1.69 but was rebuffed at $1.70. Buyers were unable to sustain the positive momentum above the $1.70 high. On the upside, if buyers can break above the $1.70 level, a rise to $2.40 is likely.

Today, the positive momentum has stalled, with the cryptocurrency expected to move above the $1.30 support and $1.70 high. XRP is currently trading at $1.47 at the time of writing.

Technical indicators

Key Resistance Levels: $2.50, $3.00
Key Support Levels: $1.50, $1.00

XRP Chart Indicators Reading:

There’s a long candlestick wick pointing toward $1.70. This shows that there is substantial selling pressure at the recent peak. The price bars are significantly higher than the moving average lines, indicating an uptrend. On the 4-hour chart, the 21-day SMA is higher than the 50-day SMA, indicating the present trend.

The cryptocurrency price is retracing as it nears the 21-day SMA support. The upward trend will restart until the price retraces and remains above the moving average lines on the 4-hour chart.

General Outlook for XRP

XRP begins its bullish advance, but faces the $1.70 barrier. Buyers are recouping above the $1.40 support as the altcoin is rejected at its latest high. On August 22, the price spike tested the resistance and support levels.but remained above the moving average lines.

Buyers have the upper hand, as the altcoin is expected to increase again. Meanwhile, XRP is trading above the moving average lines but below $1.60 high, preparing to restart its bullish trend.