XRP price long-term forecast: bearish
The Ripple (XRP) coin price has recently fallen to $0.485, reaching its lowest point since January 3, 2024. However, it quickly bounced back and is now retesting its historical price level from October 12, 2023. The altcoin has entered the oversold area of the market, suggesting that further declines are unlikely. Currently, XRP is valued at $0.50.
XRP indicator analysis
Looking at the XRP price bars, they are below the downward sloping moving average lines, indicating resistance. The cryptocurrency has reached the bottom of the chart and the tail of the long candle is pointing down, showing significant buying pressure at this level.
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?
On the 4-hour chart, XRP is currently trading between $0.48 and $0.54. As it approaches an oversold level, the cryptocurrency is consolidating above its current support. The extended candle tails suggest that the decline may slow down.
Hot Take: XRP finds support after hitting a new low
The recent drop in XRP price to its lowest level since January has been followed by a bounce back and a retest of its historical price level from October. Although there is still resistance from moving averages, there is evidence of buying pressure at this bottom level. Key resistance levels to watch out for are $0.80 and $1.00, while key support levels are at $0.40 and $0.20. As the cryptocurrency consolidates above its current support, it is likely that the decline will stall.
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