Ripple Bounces Above $0.36 Support, But Fails To Hold Above Recent High

Mar 17, 2023 at 10:00 // Price
Coin Idol
The 21-day line SMA restricts the price movement

The price of Ripple (XRP) has been falling since February 24. The cryptocurrency's price has been fluctuating marginally between $0.36 and $0.40.

Long-term forecast for Ripple price: bearish

The current price of the altcoin, which is below the moving average lines, indicates a probable downtrend. Today, XRP is trading at $0.3695 while approaching the 21-day line SMA. In the last two weeks, XRP has risen back above the $0.36 support after each rejection of the current high. On the positive side, XRP is expected to rise above the moving average lines and reach a high of $0.40 as it gains momentum. However, if it doesn't rise again, there is a possibility that XRP will fall back. If the current support is broken, XRP will fall much more and reach its low at $0.34.

Ripple indicator analysis

The cryptocurrency asset is at level 45 of the Relative Strength Index for period 14, which indicates that the altcoin could decline. If the price bars continue to trade below the moving average lines, XRP will continue to lose ground. Above the daily stochastic threshold of 50, the altcoin is in an uptrend. The moving average lines act like a barrier and slow down the uptrend.

XRPUSD(Daily Chart) - March 17.23.jpg

Technical indicators:

Key resistance levels - $0.80 and $1.00

Key support levels - $0.40 and $0.20

What is the next step for Ripple?

Although Ripple is trading above the $0.36 support, it's rejected at the 21-day line SMA. The 21-day line SMA restricts the price movement. When the price crosses the moving average lines, the altcoin will rise. If the trading range limits aren't broken, the fluctuation will continue.

XRPUSD(4 Hour Chart) - March 17.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing 

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