Analysing Ripple Coin (XRP) Price Movement
The price of Ripple coin (XRP) has recently dropped below the moving average lines, reaching a low of $0.45 on June 7. However, the bulls managed to buy the dips and pushed the price back above the current support level of $0.46. Let’s take a closer look at the long-term analysis and indicators affecting Ripple coin (XRP) price movement.
Long-term Analysis of Ripple Coin (XRP): Volatility π
- Altcoin has been trading in a range of $0.46 to $0.57
- Buyers struggle to sustain price above moving average lines and resistance at $0.57
- Current decline attributed to inability to break resistance levels
- Altcoin trading below moving average lines but above support level of $0.46
Key Takeaways from Technical Indicators:
- Resistance levels β $0.80 and $1.00
- Support levels β $0.40 and $0.20
XRP Indicator Analysis π
Price bars have consistently remained below the moving average lines since May 31, indicating a bearish trend for XRP. The crossover between the blue and red moving average lines further supports this bearish outlook.
The Path Ahead for XRP π‘
The 4-hour chart reveals that XRP is currently trading above the support level of $0.46. Despite experiencing lower highs and lows since the drop on June 7, the altcoin managed to bounce back from the support level. The future movement of XRP will be determined by its ability to break past the current support level.
Hot Take: What Lies Ahead for Ripple Coin (XRP) π
As the price of Ripple coin (XRP) continues to fluctuate, it is crucial to monitor key support and resistance levels to gauge its future trajectory. Keep an eye on the upcoming movements to make informed decisions regarding your XRP investments.
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