XRP Price Long-Term Forecast: Bearish
The Ripple (XRP) coin has been trading in a range since the end of the rally on November 6, with the price movement being halted by the presence of doji candlesticks. On December 25, buyers attempted to hold the price above the moving average lines but were rejected. As a result, XRP is currently valued at $0.62 after falling below the moving average lines. If the bears manage to break below these lines, the bearish momentum will likely reach a low of $0.60. The rejection on December 28, indicated by a candle with a long wick, suggests significant selling pressure at higher price levels. If the bears continue to break below the moving average lines, the negative momentum will persist and push XRP towards the $0.60 floor.
XRP Indicator Analysis
The cryptocurrency value has fallen below the moving average lines, intensifying selling pressure. Additionally, price bars are slipping below horizontal moving average lines. Doji candlesticks, which dictate price movement, are also present in the price action.
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?
The cryptocurrency’s price has fallen below moving average lines, indicating a bearish trend zone. However, long candlestick tails suggest strong buying activity at lower price levels. The current support level of $0.60 has been successfully defended by the bulls. Previously, Ripple coin was rejected twice at highs of $0.69 and $0.64 before entering a downtrend zone.
Hot Take: Ripple (XRP) Faces Bearish Momentum as Price Falls Below Moving Average Lines
The price of Ripple (XRP) has recently fallen below the moving average lines, signaling a bearish trend. This drop in price has been accompanied by the presence of doji candlesticks and a slipping below the horizontal moving average lines. Despite strong buying activity at lower levels, the bears may push the price even further down towards the $0.60 floor. It remains to be seen whether XRP will be able to break free from this negative momentum and regain its bullish position.
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