The price of Ripple (XRP) coin is trading above the moving average lines, but its movement has been stuck in a range since March 5. Price analysis by Coinidol.com.
Long-term forecast for the Ripple price: bullish
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.
On the downside, the bulls halted the slide above the 50-day SMA while the upside momentum was caught at the $0.66 resistance level. Since March 5, XRP has been trading in a price range of $0.55 to $0.66. The extended candlestick tail indicates significant buying pressure at the $0.55 support level. If the bears breach the $0.55 support, the altcoin will retest its previous low of $0.50. XRP is now worth $0.62.
XRP indicator analysis
Since February 15, 2024, the price bars have been above the moving average lines. The uptrend has stalled below the $0.67 resistance. The cryptocurrency’s fortunes are limited to a range. The altcoin is forming a doji candlestick above its current support. The presence of doji candlesticks restricts the cryptocurrency’s uptrend.
Technical indicators:
Key resistance levels – $0.80 and $1.00
Key support levels – $0.40 and $0.20
What’s next for Ripple?
XRP is in a downtrend but has resumed a sideways trend. The upward movement is still limited at the high of $0.64. The price of the cryptocurrency is now oscillating above the $0.62 support. The altcoin has a probability of growing because the price bars are higher than the moving average lines.
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-continues-horizontal-trend/
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