Analysis of Ripple (XRP) Coin Price Movement
Ripple (XRP) coin price has recently experienced a return to its previous range, following a failed attempt to surpass the 50-day SMA. This has led to a bearish long-term analysis of the altcoin’s performance.
Current State of XRP
- XRP encountered selling pressure at a high of $0.57, causing a return to the price range after hitting a low of $0.48.
- If the altcoin breaches the boundaries of the current price range of $0.46, it may develop a trend.
- A fall below the support level of $0.46 could potentially lead to a return to the previous low of $0.41.
XRP Indicator Analysis
The selling pressure on XRP has intensified as price bars have fallen below the moving average lines. Previously trapped between these lines, the altcoin now faces the 21-day SMA as a resistance line for price bars.
Key Resistance and Support Levels
- Key resistance levels: $0.80 and $1.00
- Key support levels: $0.40 and $0.20
Future Outlook for XRP
XRP has returned to its price range after facing rejection at $0.57, now consolidating above the $0.48 support level. Should the current support and 21-day SMA resistance lines remain intact, the cryptocurrency is likely to range for a few days before potentially resuming its uptrend.
Hot Take: Predicting XRP’s Next Move
XRP’s recent price movements suggest a period of consolidation within its current range. However, the altcoin’s ability to hold key support levels may result in a continuation of its uptrend in the near future. Stay tuned for further developments in the XRP market.
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