Ripple’s Upward Movement Is Limited By The High At $0.50

Cryptocurrency analysts of Coinidol.com report, Ripple (XRP) price is falling as it encounters fresh selling pressure at the $0.50 high.

Long-term forecast for the Ripple price: bearish

Before the second rejection of the recent high, the cryptocurrency asset was already trapped between the moving average lines. XRP fell to a low of $0.46 after the initial rejection at the $0.55 overhead barrier, but the bulls bought the dips.

The second resistance at $0.50 hit the upside correction. As a result, XRP is trapped on the way to its current support level. If XRP falls below the 50-day simple moving average, the altcoin would drop to a low of $0.41.

Otherwise, the movement between the moving average lines will continue for a few more days. Meanwhile, the price of the cryptocurrency is trapped between the moving average lines.

Ripple indicator analysis

However, since the cryptocurrency asset is locked, XRP is at the level of the Relative Strength Index 49 for the period 14, which means that the altcoin has reached its price equilibrium. In other words: Demand and supply have reached an equilibrium point.

However, since XRP is squeezed between the moving average lines, it is forced to move in a range. XRP is currently in a downtrend below level 30 of the daily stochastic.

Technical Indicators:

Key resistance levels – $0.80 and $1.00

Key support levels – $0.40 and $0.20

What is the next move for Ripple?

Ripple is trapped between the moving average lines. Nevertheless, the price movement is limited by the shifting lines. If the moving average lines are broken, the crypto asset will develop a trend. The resistance at $0.50 currently limits the upward movement.

On Jun 16, 2023, Coinidol.com reported that: The price of XRP rallied on June 13 when it surpassed the moving average. The rally was stopped at the high of $0.56, so it was temporary.

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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• Source: https://coinidol.com/ripple-high-0-50/