The XRP or Ripple (XRP) Coin Price Trend
The XRP or Ripple (XRP) coin price has been experiencing a declining trend and is currently moving sideways. The price has been facing strong resistance at $0.64 since July 17, hindering any significant upward movement.
Long-term Analysis of XRP
⦁ Buyers have attempted to push the price above the $0.64 mark three times, but have been unsuccessful in sustaining the momentum.
⦁ The altcoin has been in a bearish phase since August 9 and has dropped below the 21-day Simple Moving Average (SMA), though it is still above the 50-day SMA.
⦁ The 21-day SMA has acted as a barrier for the past week, preventing any significant upward movement.
⦁ XRP is now approaching the support of the 50-day SMA, and a break below this level could result in a further drop to $0.48.
⦁ If the 50-day SMA support holds, XRP will likely remain range-bound, with the current price standing at $0.56.
Analysis of XRP Indicators
⦁ The price of XRP has been moving steadily between the moving average lines, with the appearance of doji candlesticks indicating minimal price movement.
⦁ The moving average lines are horizontal, reflecting the price range between $0.41 and $0.48.
Technical Indicators for XRP:
⦁ Key Resistance Levels – $0.80 and $1.00
⦁ Key Support Levels – $0.40 and $0.20
Future Direction of XRP
⦁ XRP’s price is currently consolidating between $0.41 and $0.64, with the price range squeezed between the 21-day SMA ($0.58) and the 50-day SMA ($0.54).
⦁ A breakout above or below the moving average lines will determine the next trend for XRP.
⦁ For now, the price is stagnant but is holding above the $0.56 support level.
Last week, XRP fell below the moving average lines after facing resistance at $0.64, leading to a decline in price.
Hot Take: Conclusion
The XRP coin price is currently stuck in a sideways trend, with resistance at $0.64 holding back any significant upward movement. The altcoin has been bearish in recent weeks, with potential support at the 50-day SMA. Traders should keep an eye on the moving average lines for a potential breakout that could signal the next direction for XRP.
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