The price of the Ripple coin (XRP) has fallen significantly and is approaching the price level of January 3. Ripple coin price analysis by Coinidol.com.
Long-term forecast for the XRP price: bearish
The price of the altcoin fell sharply on January 3, with XRP reaching a low of $0.48. The bulls then bought the dips as the market resumed its uptrend. XRP regained positive momentum and rose to its previous high of $0.61. Buyers were unable to sustain the good momentum as the moving average lines and resistance at $0.61 rejected the altcoin once again.
XRP is trading at a low of $0.51. A further rise of the altcoin is unlikely due to the resistance of the moving average lines. In the negative case, XRP will continue to fall and test the recent lows of $0.48 and $0.46.
XRP indicator analysis
The price bars have fallen below the moving average lines. The altcoin is reaching oversold levels in the market. The price action is characterised by extended candlestick tails. The moving average lines are trending south towards the lower part of the chart.
Technical indicators:
Key resistance levels – $0.80 and $1.00
Key support levels – $0.40 and $0.20
What’s the next move for XRP?
On January 23, 2024, the cryptocurrency dropped to $0.50. The price of the altcoin has fluctuated between $0.50 and $0.53 in the last 48 hours, with resistance at $0.53 and moving average lines preventing buyers from driving the altcoin to previous highs.
A week ago Coinidol.com reported that selling pressure, which was expected to continue, eased above the $0.54 support.
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/xrp-price-starts-its-uptrend/
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