XRP Renews The Bullish Momentum Above $2.40

Tech

XRP Renews The Bullish Momentum Above $2.40

XRP long-term analysis: bullish

The bulls and bears have been fighting for the price to rise back above the moving average lines since April 28. On May 8, the altcoin recovered and broke through the resistance at $2.40.

If the uptrend continues, XRP will rise to the next resistance at $2.60. The cryptocurrency value will continue to rise until it reaches its previous high of $3.00.

Nonetheless, XRP will rise or fall above the moving average lines if the cryptocurrency drops from the $2.40 level. The bears will try to pull the price to the crucial support level at $2.00. In the meantime, XRP is holding above the $2.40 support after breaking the resistance. XRP is now trading at $2.61 as this article is being written.

XRP indicator analysis

There is a positive sign as the 21-day SMA has crossed above the 50-day SMA. The 21-day SMA is much higher than the 50-day SMA on the 4-hour chart. XRP is expected to reach the next barrier at $2.60. The $2.40 barrier is the target of extended candlestick wicks, indicating strong selling pressure.

Technical indicators:

Key Resistance Levels – $2.80 and $3.00

Key Support Levels – $1.80 and $1.60

What is the next direction for XRP？

XRP has recovered above the moving average lines and renewed its upside momentum. Above the first barrier, the bulls are struggling to sustain their upside momentum. The altcoin is currently trading below the next resistance at $2.60 but above the $2.40 level. If XRP breaks below the $2.40 support, it will fall above the moving average lines.