XRP/USD Long-term Trend: Bearish
XRP’s price halts its bearish run above $2.74 but settles below $3.40. The positive trend continued until it reached a high of $3.38. However, the rising trend is meeting an initial resistance at the $3.40 high. XRP can reach prior highs of $3.60 and $3.66 if buyers overcome resistance at $3.40.
The cryptocurrency asset will continue to move sideways, above the 21-day SMA support but below the $3.40 resistance level, where buyers have failed to break through the recent high. Meanwhile, the XRP price is oscillating below the recent barrier, pending the determination of the bullish trend. XRP currently trades at $3.33.
Technical indicators
Key Resistance Levels: $2.50, $3.00, $3.50
Key Support Levels: $1.50, $1.00, $0.50
Daily Chart Indicators Reading:
The XRP price has rebounded above the moving average line following a recent break above the 21-day SMA barrier. XRP will begin to gain momentum as it trades in the bullish trend zone. Since the start of the uptrend on July 17, the moving average lines have remained on an upward slope.
XRP/USD Medium-term Trend: Bullish
On the 4-hour chart, XRP has rebounded above the $2.70 support level and risen above the moving average lines. The bullish momentum has been halted at the $3.40 level. The cryptocurrency is oscillating above the moving average lines but below the $3.40 barrier level. Once the current barrier is broken, the altcoin will return to its prior high of $3.66.
4- Chart Indicators Reading
The moving average lines have a downward slope, indicating a past trend. Currently, the 21-day SMA has crossed above the 50-day SMA, showing bullish signs. The price movement has resumed the creation of Doji candlesticks as it moves below the recent barrier. Traders are unsure about their next move.
General Outlook for Ripple (XRP)
XRP breaks above the moving average lines but settles below $3.40. On the 4-hour chart, XRP has retraced to a low of $3.32 after testing resistance at $3.40. The altcoin is expected to move below the most recent barrier until the bullish trend is formed. XRP is currently range-bound, trading above the 21-day SMA support but below the $3.40 resistance level.
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