Ripple (XRP) struggles to hold above $0.60 level
XRP Ripple struggled to break out of its trading range during August. Since August 9, the altcoin has consistently faced resistance at $ 0.61 and found support at $ 0.58.
Despite this challenge around the $ 0.60 level, XRP bulls are holding firm, preventing any significant price drop.
Ripple bulls are not losing hope
XRP bulls are focused on keeping the altcoin's price above key moving averages to prevent it from falling below $ 0.58. XRP is currently trading above both its 20-day exponential moving average (EMA) and 50-day simple moving average (SMA).
The asset's 20-day EMA is a short-term moving average that reacts quickly to price changes, reflecting the average closing price over the past 20 days. In contrast, a 50-day SMA is a long-term indicator that reflects the average closing price over the past 50 days.
When the asset trades above these levels, it signals bullish momentum and suggests the potential for further price gains. Despite XRP's sideways movement, trading above both the 20-day EMA and the 50-day SMA indicates that bullish sentiment outweighs bearish pressure.
This bullish bias is reinforced by XRP's positive Elder Ray Index, which currently stands at 0.010. Notably, the indicator has remained in positive territory since August 18, nine days after the sideways trend began.
XRP price forecast: possible rise to $ 0.66
XRP derivatives traders are also optimistic. Since the altcoin's price began moving in a sideways trend, open interest in its futures has increased by 4%, reaching $722 million at the time of publication.
Despite XRP's limited fluctuations, futures traders continue to favor long positions. While there have been occasional spikes in demand for short positions, traders have consistently opened more long positions than shorts during this sideways phase, which is reflected in the positive funding levels.
If bullish sentiment strengthens enough to break resistance, the price of XRP could rise to $0.66.
Conversely, if bears push the token price below support, it could fall below its 20-day EMA and 50-day SMA, potentially dropping to $ 0.50.
