Price of Ripple Coin (XRP) Approaching January 3 Level
The price of the Ripple coin (XRP) has experienced a significant drop and is now approaching the price level it had on January 3. After reaching a low of $0.48, XRP saw a rebound as buyers entered the market. However, the altcoin was unable to sustain its positive momentum and faced resistance at $0.61, resulting in another decline.
Bearish Long-Term Forecast for XRP Price
XRP is currently trading at $0.51, with little possibility of further upside due to resistance from moving average lines. If the negative trend continues, XRP may test recent lows at $0.48 and $0.46.
XRP Indicator Analysis
The price bars for XRP have fallen below the moving average lines, indicating a bearish trend. The altcoin is also approaching oversold levels in the market, with extended candlestick tails characterizing the price action.
Technical Indicators for XRP
The key resistance levels for XRP are $0.80 and $1.00, while the key support levels are $0.40 and $0.20.
What’s Next for XRP?
On January 23, 2024, XRP dropped to $0.50 and has since been fluctuating between $0.50 and $0.53. Resistance at $0.53 and moving average lines are preventing the altcoin from reaching previous highs.
A week ago, it was reported that selling pressure on XRP had eased above the $0.54 support level.
Hot Take: Ripple Coin (XRP) Faces Resistance and Decline
The price of Ripple coin (XRP) has faced resistance from moving average lines, resulting in a decline. XRP is currently trading at $0.51, with little chance of further upside. The altcoin’s price bars have fallen below the moving average lines, indicating a bearish trend. XRP’s key resistance levels are $0.80 and $1.00, while the key support levels are $0.40 and $0.20. Despite recent fluctuations, XRP has been unable to break through resistance at $0.53 and reach previous highs. Selling pressure on XRP has eased in recent days, but the altcoin still faces challenges in its upward movement.
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