The XRP or Ripple (XRP) coin price is declining and is in a sideways trend. The rising price trend has been held back by the overarching resistance of $0.64 since July 17.
Long-term analysis: fluctuating
Buyers were rebuffed three times when they tried to sustain the upside momentum above the $0.64 high.
Nevertheless, the altcoin has been bearish since August 9 and has fallen below the 21-day SMA while holding above the 50-day SMA. A barrier at the 21-day SMA has prevented buyers from sustaining their upside momentum for the past seven days. XRP is moving lower and approaching the support of the 50-day SMA. If the bears break the 50-day SMA support, the cryptocurrency will drop much lower to $0.48.
However, the altcoin will remain trapped if the 50-day SMA support zone holds. XRP is now worth $0.56.
XRP indicator analysis
The price of the cryptocurrency remained steady as it dipped between the moving average lines. The appearance of doji candlesticks has kept the price movement to a minimum. The moving average lines are horizontal as the price range is between $0.41 and $0.48.
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 price of XRP continues to move in a range between $0.41 and $0.64. Nevertheless, the altcoin’s price has fallen between the 21-day SMA ($0.58) and the 50-day SMA ($0.54). XRP will resume the trend if the moving average lines are breached.
In the meantime, the price action is stagnant as it is above the $0.56 support.
Last week XRP has fallen below the moving average lines after buyers failed to keep it above the $0.64 resistance level, as reported by Coinidol.com.
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.
