XRP Price Drops Below Moving Average Lines
The value of XRP (XRP) has fallen below the moving average lines after failing to sustain above the $0.64 resistance level. The altcoin showed a bullish surge on July 17, reaching a high of $0.638 before facing rejection. Subsequently, XRP dropped to a low and then embarked on an upward correction. However, this correction was short-lived, with the altcoin peaking at $0.659 before entering a downward trend. Eventually, XRP fell to a low of $0.43 before experiencing a minor recovery. Based on price movements, it is likely that XRP will revisit its low of $0.38.
Analysis of XRP Indicators
Currently, the price of XRP has significantly declined towards the lower end of the chart, nearing its recent low of $0.38. The price bars are positioned below the moving average lines, indicating a continued downward trend. Additionally, long candle tails signify strong support at the $0.38 level, suggesting substantial buying pressure at this price point.
Key Technical Indicators:
- Key Resistance Levels – $0.80 and $1.00
- Key Support Levels – $0.40 and $0.20
Future Projection for XRP
Looking at the 4-hour chart, XRP’s price is currently hovering above the $0.43 support level. Despite a corrective surge that saw the altcoin peak at $0.47, it remains below the moving average lines. A decisive break below $0.43 could trigger further price declines for XRP.
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