XRP Trades Marginally And Rises Back Above $0.71

Jul 29, 2023 at 08:08 // Price
Author
Coin Idol
XRP is trading marginally

The XRP price is bearish after failing to break through the $0.85 resistance level.

XRP price long-term forecast: bullish

The cryptocurrency asset had two rejections as buyers were unable to keep the price above the resistance level. XRP retreated above the $0.71 support today.

On the downside, the price indicator predicted that the cryptocurrency would continue to fall. XRP could fall even further to $0.63. If the altcoin falls to $0.63, it will be trapped between the moving average lines. The market will continue to rise as it pulls back above the moving average lines. In the meantime, XRP is trading marginally due to the presence of Doji candlesticks.

XRP indicator analysis

XRP is retreating and crossing the Relative Strength Index value of 58 for the period 14, providing XRP with another opportunity to rise while still being in the positive trend zone. As long as the price bars are above the moving average lines, the altcoin will continue to rise. This is possible if the decline ends above the moving average lines. The altcoin is in a negative trend below the daily stochastic threshold of 40.

XRPUSD_(Daily Chart) – July 29.23.jpg

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 is currently in retreat, although it is still trading above the support level of $0.0.71. On July 25, XRP corrected to the upside and tested the 78.6% Fibonacci retracement level with a retraced candlestick. The correction suggests that XRP will continue to fall to the 1.272 Fibonacci extension level or $0.63.

XRPUSD(4 Hour Chart) – July 29.23.jpg

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.

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