The Ripple Coin (XRP) Holds Support Level, Indicating Recovery
The price of the Ripple coin (XRP) has managed to stay above the support level of $0.54 since January 7, suggesting that a recovery is underway. Buyers have pushed the altcoin towards the moving average lines, signaling a favorable trend.
Long-term Forecast for XRP Price: Bearish
XRP reached a high of $0.62 on January 11 before pulling back. The moving average lines are currently acting as a barrier to upward movement, with the price of XRP at $0.59.
If the price breaks above the moving average lines, XRP will resume its uptrend and potentially reach previous highs of $0.67 and $0.75. However, if selling pressure prevails, the altcoin could fall back to its previous low of $0.54.
XRP Indicator Analysis
XRP is trading below the moving average lines, indicating that buyers are struggling to sustain prices above these lines. This puts the altcoin at risk of further decline. Additionally, the dominance of price action affects cryptocurrency prices overall.
Technical Indicators:
Key resistance levels: $0.80 and $1.00
Key support levels: $0.40 and $0.20
What’s Next for XRP?
XRP is currently trading between $0.54 and $0.62 after a rise on January 3. As it approaches the lower price area, XRP is falling. If it retraces and remains above the $0.54 support level, the price variation will likely remain range-bound. However, if bears break the $0.54 support, the market could fall towards the $0.48 support level.
A week ago, XRP was trading below the moving average lines at $0.57, indicating a depreciation in value.
Hot Take: Ripple’s Recovery Signals Potential Upside
The price of Ripple’s XRP has shown signs of recovery as it holds above the support level of $0.54. If it can break above the moving average lines, XRP could resume its upward trend and potentially reach new highs. However, if selling pressure prevails, the altcoin may face further decline. Traders should closely monitor price movements and key support and resistance levels to make informed decisions.
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