The Ripple (XRP) price recovered after falling below the key support level of $2.00.
XRP Long-Term Analysis: Bearish
The cryptocurrency value fell to a low of $1.95, but the Bulls bought the dip. XRP is back to its initial high.
The advantage is that if the buyer holds the price above the moving average line, the XRP will revert to a range of $2.00 support to $3.00 height. The current value for XRP is $2.12. The weekly chart price instructions project a drop of $1.06 or a Fibonacci extension level of $1.618. XRP is below the moving average line, but is trading above $2.00. Bearish scenarios are invalid if the buyer holds a price above the moving average line.
However, if the XRP price is rejected on the moving average line, Altcoin could drop and break important support at $2.00.
XRP indicator analysis
Previous uptrends are shown by the moving average line on the weekly chart sloping north. However, the price bar is located in the area between the moving average lines. Uptrends will begin when buyers push prices above the 21-day SMA. The price range on the daily chart is below the moving average line and is tilted downwards.
Technical indicators:
Resistance Levels – $2.80 and $3.00
Support Levels – $1.80 and $1.60
What’s the next direction for XRP?
XRP is currently trading in downtrend zones despite a slight upward inversion. The weekly chart shows 21 days of SMA support violations. A low negative momentum could be a 50-day SMA. If major support at $2.00 is violated, a negative upward trend may continue.
Disclaimer. This analysis and prediction is the author’s personal opinion. They do not recommend buying and selling cryptocurrencies and should not be considered as approval by coinidol.com. Readers should do research before investing in funds.
