XRP Stops Decline Above $0.48 And Resumes Its Range

Ripple (XRP) coin price has returned to its previous range after failing to rise above the 50-day SMA.

XRP long-term analysis: bearish

On May 6, the upward momentum surpassed the moving average lines but was halted by the 50-day SMA. In other words, the altcoin came under selling pressure at the high of $0.57.

XRP has returned to the price range after hitting a low of $0.48. The altcoin is trading within the current price range of $0.46 to below the moving average lines. If the boundaries of the range are breached, the altcoin will develop a trend. If XRP falls below the support level of $0.46, it will return to its previous low of $0.41.

XRP indicator analysis

The selling pressure has returned as the price bars fall below the moving average lines. The altcoin was previously trapped between the moving average lines for a week until the 21-day SMA support was broken. The 21-day SMA is now the resistance line for the price bars.

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?

XRP has returned to its price range after being rejected at the high of $0.57. The decline has paused above the $0.48 support level as it begins to consolidate. If the current support and 21-day SMA resistance lines hold, the cryptocurrency will range for a few days. In the meantime, the altcoin has found support and resumed its uptrend.

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-stops-decline/