The price of XRP has fallen above the critical support level of $2.00.
XRP long-term analysis: bearish
The bearish momentum has retested the crucial support for the seventh time. The bulls have bought the dips on each downswing, allowing XRP to resume its uptrend. Although XRP fell above the $2.00 support today, the $2.30 high represents an initial barrier to an upside move.
On the downside, XRP will fall and regain its previous low of $1.78 if the bears drop below the $2.00 support. However, the appearance of doji candlesticks could slow down the bearish momentum. The current value of XRP currently stands at $2.13.
XRP indicator analysis Â
The moving average lines have weakened above the $2.00 support, but the XRP price bars are below it. XRP will be forced to range as the price bars on the 4-hour chart are trapped between the moving average lines. The strong buying pressure is indicated by the extended candlestick tails towards the key support.
Technical indicators:Â Â
Major Resistance Levels – $2.80 and $3.00
Major Support Levels – $1.80 and $1.60
What is the next direction for XRP?
XRP is currently trading below the moving average lines but above the $2.00 support. The altcoin will either break out or break out to the downside, hence the current range is narrowing. With doji candlesticks popping up, the price of the cryptocurrency has remained stable above the $2.00 support.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.
