Cryptocurrency analysts of Coinidol.com report, the XRP price resumed its uptrend after breaking through the resistance at $0.55.
XRP price long-term forecast: bullish
The price rose to a high of $0.95 before falling back. The upward momentum could not be sustained as the altcoin entered the overbought zone of the market.
At the time of writing, XRP is trading at $0.79. The uptrend is resuming to the upside after a small setback. In contrast, vertical recoveries in an uptrend result in a sharp decline to the previous low unless supported by strong fundamentals. On the downside, XRP has retreated above $0.70 but is still trading above it. Meanwhile, the cryptocurrency is trading in the overbought zone of the market.
XRP indicator analysis
The recent price increase has pushed XRP to the Relative Strength Index level of 88 for the period 14. The cryptocurrency value is significantly overbought in the market. If sellers appear in the overbought region of the market, XRP could crash. The moving average lines are sloping horizontally, indicating a previous sideways trend. The altcoin is in a downtrend below the daily stochastic threshold of 75.
Technical Indicators:
Key resistance levels – $0.80 and $1.00
Key support levels – $0.40 and $0.20
What is the next step for XRP?
The cryptocurrency resumed its uptrend after breaking the overriding resistance level of $0.55. After the recent rise, the cryptocurrency is trading between $0.70 and $0.85. If the current support and resistance levels are broken, the cryptocurrency will continue to move up or down.
On Jun 30, 2023, Coinidol.com reported that: Before the breakdown, buyers were working feverishly to keep the price above the moving average lines. This allows the cryptocurrency to retest the $0.55 resistance level.
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.com. Readers should do their own research before investing in funds.