The price of the Ripple coin (XRP) has been able to hold above the support level of $0.54 since January 7, indicating that a recovery has begun.
Buyers have pushed the altcoin to the moving average lines ahead of a favorable trend.
Long-term forecast for the XRP price: bearish
The cryptocurrency rose to a high of $0.62 on January 11 before retreating. The moving average lines are limiting the upward movement. The price of XRP is currently at $0.59.
If the price breaks above the moving average lines, XRP will resume its uptrend. The cryptocurrency will continue to rise and reach previous highs of $0.67 and $0.75. The altcoin will fall to its previous low of $0.54 where selling pressure will prevail.
XRP indicator analysis
XRP is trading below the moving average lines as buyers are unable to sustain the price bars above the lines. The altcoin risks a decline if the price bars continue to be below the moving average lines. The dominance of price action also affects the movement of cryptocurrency prices.
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?
The cryptocurrency is currently trading between $0.54 and $0.62 after the price rose on January 3. XRP is currently falling as it approaches the lower price area. If the altcoin retraces and stays above the $0.54 support, the price variation will remain range-bound. The market will fall to the floor above the $0.48 support if the bear breaks the $0.54 support.
A week ago, XRP was falling below the moving average lines and was trading at $0.57 due to the depreciation, as Coinidol.com reported.Â
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 the research before investing in funds.
