XRP Remains Above $1.30 Low as Buyers Revisit the $1.70 High

KEY TAKEAWAYS

•      XRP remains bullish above $1.30 support, with the price consolidating as buyers and sellers battle for direction.

•     A break below $1.30 could send XRP toward the $1.00 historical support, while holding above $1.30 would keep the bullish outlook intact.

•     A decisive break above the $1.70 barrier could open the way toward the $2.40 target, although selling pressure near $1.70 remains a concern.

XRP/USD Long-term Trend: Bullish

The price of XRP has maintained its upward trend as buyers revisit the $1.70 high. Since August 26, XRP has held above the $1.30 support level. XRP had soared to a high of $1.70 before dropping quickly below the $1.50 support level. Today, the cryptocurrency market has been forced to trade sideways above the $1.30 support but below the $1.70 high.

The price is currently hovering above the $1.30 support level. On the downside, if the bears break through the $1.30 support, XRP will fall and revert to the $1.00 historical price level. In contrast, the cryptocurrency asset will resume its bullish ascent once the $1.30 support is reached.

The altcoin will advance and test its prior high of $1.70. XRP will rise to a high of $2.40 if buyers maintain the price above the $1.70 barrier. In the meantime, XRP is range bound above the $1.30 support. The cryptocurrency is now worth $1.38.

Technical indicators

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

XRP Chart Indicators Reading:

The price bars have retraced above both the $1.30 support and the moving average lines. As long as these support levels are held, XRP will continue its bullish trend. On August 22, the lengthy candlestick wick implies significant selling pressure near $1.70. On the 4-hour chart, the price bars are below the horizontal moving average lines. The price action is dominated by Doji candlesticks, which indicate traders’ hesitation above market direction.

General Outlook for XRP

XRP price maintains its bullish ascent above the moving average lines as buyers revisit the $1.70 high . On the 4-hour chart, the price movement has been limited between the $1.30 support and the $1.60 high. Presently, the crypto price is consolidating above the $1.30 support as buyers and sellers decide their next move.

The selling pressure will resume if bears breach the current support. Nevertheless, the crypto asset will move up and continue its sideways move if the current support holds.