Long-Term Forecast for Ripple Price: Bearish
The price of Ripple (XRP) coin is currently falling after being rejected at recent highs of $0.74 and $0.75. This rejection, indicated by the extended candlestick tail on November 13, suggests significant selling pressure at these levels. As a result, the cryptocurrency has dropped below the 21-day simple moving average and is at risk of further decline towards the lows above the 50-day SMA. At the time of writing, XRP/USD is valued at $0.62.
XRP Indicator Analysis
XRP is currently trading between the moving average lines, with temporary support expected near these levels. However, if the altcoin breaches the 50-day simple moving average, a decline will likely follow. The current price fluctuations will persist as long as XRP remains above this support level.
Technical Indicators
Key resistance levels for XRP are $0.80 and $1.00, while key support levels are $0.40 and $0.20.
What is the Next Move for XRP?
XRP is currently experiencing a decline that may continue towards a low above $0.56. If this bearish momentum persists, XRP will return to its previous range between $0.45 and $0.55. However, if the support at $0.56 holds, an uptrend may resume for the cryptocurrency.
On November 10, the uptrend for Ripple coin ended as buyers failed to sustain positive momentum above $0.74.
Hot Take: Ripple (XRP) Facing Bearish Outlook as Price Falls After Rejection at Recent Highs
The price of Ripple (XRP) coin is currently falling after being rejected at recent highs, signaling significant selling pressure. XRP has dropped below the 21-day simple moving average and is at risk of further decline towards the lows above the 50-day SMA. However, if the support holds, an uptrend may resume. Technical indicators show key resistance levels at $0.80 and $1.00, with support levels at $0.40 and $0.20. Overall, XRP is facing a bearish outlook in the short term.
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