Long-term XRP price forecast: bearish
The price of Ripple (XRP) has dropped to its previous low from October 12. It fell sharply to $0.48 on January 3 but has since recovered slightly and is now trading at $0.57.
Selling pressure has eased above the $0.50 support level, which could potentially lead to an upside correction. However, if the bears manage to break the $0.50 support, the market will fall back to its previous low of $0.48.
XRP indicator analysis
The price bars are currently below the moving average lines due to the recent dip. The moving average lines have become horizontal, indicating a sideways trend since November 6.
Technical indicators:
Key resistance levels – $0.80 and $1.00
Key support levels – $0.40 and $0.20
What is the next development for XRP?
XRP is currently falling below the moving average lines. The 4-hour chart showed a narrow range between $0.60 and $0.64 before the crash, and it is now trading at $0.57.
On December 25, buyers attempted to hold the price above the moving average lines but were unsuccessful. On December 29, XRP fell below the moving average lines and was priced at $0.62.
Hot Take: Ripple (XRP) Price Hits Bottom as Bearish Trend Continues
The price of Ripple (XRP) has fallen to its previous low and is currently trading at $0.57. Selling pressure has eased slightly, but if the bears manage to break the $0.50 support, the market could fall further. The moving average lines are indicating a sideways trend, and XRP is currently trading below these lines. Key resistance levels are at $0.80 and $1.00, while key support levels are at $0.40 and $0.20. It remains to be seen what the next development for XRP will be, but for now, the trend appears to be bearish.
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