Price Analysis: Ripple (XRP) Rejected at $0.55 Resistance
The price of Ripple (XRP) has returned to its original range after being rejected at the $0.55 resistance area. The bulls attempted to push the price higher, but were unable to break through this level.
Long-term XRP Price Forecast: Bearish
The current price of XRP is $0.51. Although XRP rallied and broke through the moving average twice on September 29 and October 3, it was unable to overcome the resistance at $0.55. This level has been a barrier since August 17.
The altcoin is expected to continue its downward movement between $0.45 and $0.55. The upward trend will resume once the decline ends above the moving average lines.
XRP Indicator Analysis
After a recent rejection, XRP’s price bars are now above the moving average lines. This suggests that XRP could consolidate above the current support, as the moving average lines are flat horizontally. In the shorter time frame, XRP is trapped between the moving average lines, indicating a sideways movement.
Technical Indicators:
Key resistance levels – $0.80 and $1.00
Key support levels – $0.40 and $0.20
What’s Next for XRP?
Following the failed attempt to break the resistance level mentioned earlier, XRP has entered a trading range trend. The current retracement could end above the $0.5102 support, and currently, the altcoin is fluctuating between $0.45 and $0.55.
Hot Take: Ripple Struggles to Break Resistance
The price of Ripple (XRP) has faced resistance at the $0.55 level, preventing it from making significant gains. Despite attempts by the bulls, XRP remains in a bearish trend and is currently trading within a range. The altcoin’s movement will depend on its ability to break through the resistance and sustain an upward momentum. Traders should keep an eye on key support and resistance levels for potential trading opportunities.
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