The price of the coin Ripple (XRP) has fallen between the moving average lines. Price analysis of the Ripple coin by Coinidol.com.
Long-term forecast for the Ripple price: bearish
The previous rise has ended. The cryptocurrency was previously on an upswing and reached a high of $0.74. XRP was in a downtrend and its recovery was delayed by a strong rejection at higher price levels.
Buyers will have to work harder to push the altcoin to $1.66 for it to fully recover. Buyers will have to work harder to drive the altcoin to $1.66 in order for it to fully recover.
On the downside, XRP has reached a low of $0.59. The decline has stopped, but the price of the cryptocurrency remains trapped between the moving average lines. The altcoin has resumed its uptrend. If the price breaks above the 21-day moving average, XRP will resume its uptrend. At this point, XRP is worth $0.61. If buyers break through resistance at $0.74, XRP would rise to highs of $0.94 and $1.02.
XRP indicator analysis
After its recent dip, XRP has fallen between the moving average lines. The decline has eased, but the cryptocurrency remains trapped between the moving average lines. The coin will be forced to fluctuate between the moving average lines. If the altcoin breaks above the 21-day SMA, it will resume its uptrend.
Technical indicators:
Key resistance levels – $0.80 and $1.00
Key support levels – $0.40 and $0.20
What is the next move for XRP?
XRP drops below the moving average lines. The altcoin has reached bearish exhaustion after retesting the $0.59 support twice. On the 4-hour chart, the altcoin is currently trading between $0.59 and below the moving average lines. The altcoin will perform if the buyers break above the $0.60 resistance level and break above the moving average lines.
Coinidol.com reported previously that on March 5, buyers pushed XRP to a high of $0.66 before being rejected. The altcoin fell sharply to a low of $0.53, but the bulls bought the dips.
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-sinks-but-remains-below/
