coinidol.com
The price of Ripple ($XRP) has regained positive momentum after being trapped between moving average lines.
$XRP long term analysis: bullish
The cryptocurrency was trapped between the moving average lines for a week before making an upward move above the 21-day SMA barrier. The cryptocurrency is still rising and trading above the 21-day SMA support.
However, the bullish momentum has stalled around the $3.40 resistance level. Further upside for the altcoin is doubtful as it remains below its recent high.
On July 28, $XRP failed to break through the $3.40 mark. Later, $XRP fell to a low of $2.74. $XRP is back in the bullish trend zone. A break above $3.40 would take $XRP to a high of $3.66. The altcoin is now trading sideways while the uptrend is still being determined. Today, $XRP is trading at $3.32.
$XRP indicator analysis
On August 7, buyers pushed the price of the cryptocurrency above its moving average lines. $XRP will continue to rise as long as it remains above the moving average lines. The moving average lines have maintained their upward slope, indicating an uptrend. The 21-day SMA is above the 50-day SMA, indicating an uptrend.
Technical indicators:
Resistance Levels – $2.80 and $3.00
Support Levels – $1.80 and $1.60
What is the next direction for $XRP?
$XRP price is moving sideways after rejecting the $3.40 mark. The cryptocurrency value has declined to the low of $3.20 and is now trading below the $3.40 mark. The price of $XRP will rise if it breaks above $3.40. The value of the altcoin will fall if it breaks below the $3.20 low and the 21-day SMA support.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.