The Price of Ripple (XRP) Falls Below Moving Average Lines: Price Analysis
The price of the coin Ripple (XRP) has fallen below the moving average lines, indicating a bearish trend. Letโs analyze the long-term forecast for the Ripple price and discuss the next move for XRP.
Long-term Forecast for the Ripple Price: Bearish
The previous rise in the price of Ripple has come to an end. The cryptocurrency was previously on an upswing and reached a high of $0.74. However, XRPโs recovery was delayed by a strong rejection at higher price levels.
- Buyers will have to work harder to push the altcoin to $1.66 for it to fully recover.
- XRP has reached a low of $0.59 and remains trapped between the moving average lines.
- If the price breaks above the 21-day moving average, XRP will resume its uptrend.
- If buyers break through resistance at $0.74, XRP could rise to highs of $0.94 and $1.02.
XRP Indicator Analysis
After its recent dip, XRP has fallen below the moving average lines. Although the decline has eased, the cryptocurrency remains trapped between these lines and is forced to fluctuate within this range. If XRP breaks above the 21-day SMA, it will resume its uptrend.
Technical Indicators:
- Key resistance levels: $0.80 and $1.00
- Key support levels: $0.40 and $0.20
What is the Next Move for XRP?
XRP has dropped below the moving average lines and is currently trading between $0.59 and below these lines. To perform well, XRP needs buyers to break above the $0.60 resistance level and the moving average lines.
On March 5, buyers pushed XRP to a high of $0.66 before being rejected. The altcoin then fell sharply to a low of $0.53, but the bulls bought the dips.
Hot Take: Ripple (XRP) Faces Bearish Trend Below Moving Average Lines
The price of Ripple (XRP) has fallen below the moving average lines, indicating a bearish trend in the long-term forecast. Although there has been some recovery, XRP remains trapped between these lines and needs a breakthrough to resume its uptrend. Buyers must work harder to push the altcoin above resistance levels for a full recovery.
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