The price of Ripple (XRP) coin has fallen after hitting resistance at $0.56 or the 21-day SMA. Price analysis by Coinidol.com.
XRP long-term analysis: bearish
On April 14, 2024, the price slide continued above the $0.46 support, as reported by Coinidol.com previously. Ripple then began an upward correction, which was halted at the recent high. In other words, the cryptocurrency is trading above the $0.46 support but below the 21-day SMA or resistance level at $0.56. The altcoin is currently worth $0.50.
On the upside, further upward movement of the cryptocurrency is unlikely. The moving average lines are repelling rising movements. Meanwhile, the altcoin is slipping and approaching its current support of $0.46. If the current support is broken, XRP will fall back to its previous low of $0.41.
XRP indicator analysis
The price bars are below the downward sloping moving average lines. The 21-day SMA serves as the price bar resistance level. Nonetheless, XRP will regain positive momentum once the 21-day SMA is breached and the altcoin begins an uptrend.
Technical indicators:
Key resistance levels – $0.80 and $1.00
Key support levels – $0.40 and $0.20
What is the next direction for XRP?
The altcoin is bearish as it approaches the current support level of $0.46. The decline was amplified when the altcoin encountered resistance at its high of $0.56. Over the past week, XRP has been moving in a range.
On the 4-hour chart, the lower price range was retested three times before the upward correction. The altcoin has retraced and is currently trading in the middle of its price range. The restriction of price movement by doji candlesticks has kept the value of the altcoin steady.
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 research before investing in funds.
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- Source: https://coinidol.com/ripple-bulls-offer-firm-support/
