XRP Price Remains Stable After Breaking Below The $0.58 Support Level

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.

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• Source: https://coinidol.com/xrp-price-remains-stable/