Ripple Coin Is Trending Lower And Gets Vulnerable To Return To The $0.46 Low

Feb 24, 2024 at 08:46 // Price
Coin Idol

The Ripple coin is expected to test its recent low of $0.46. Price analysis by

Long-term XRP price forecast: bearish

The Ripple coin (XRP) is currently trending downwards but made an upward correction on February 15, 2024. The upside correction failed as the altcoin was sold off at its high of $0.57. On the upside, buyers were able to sustain the bullish momentum above the moving average lines but were unable to break above the $0.57 hurdle.

If the $0.57 resistance level is breached, the cryptocurrency will resume its positive trajectory. XRP would have risen to highs of $0.64 and $0.67. On the downside, XRP has fallen between the moving average lines. If the price falls below the 21-day simple moving average, selling pressure will resume.

XRP indicator analysis

On the downside, XRP is falling as it faces a strong rejection at its recent high. The price bars have fallen between the moving average lines. The decline has paused as it is trapped between the moving average lines. The break of the moving average lines will determine future price action.

Technical indicators:

Key resistance levels – $0.80 and $1.00

Key support levels – $0.40 and $0.20

XRPUSD_ (4-hour Chart) – FEB.23.jpg

What's next for XRP?

On the 4-hour chart, the altcoin has fallen below the moving average lines, indicating further downside for the cryptocurrency. According to the price indicators, the altcoin will continue to fall to a low of $0.51 or a critical support level of $0.46. Currently, the decline has paused above the 21-day SMA or is locked between the moving average lines.

XRPUSD_ (Daily Chart) – FEB. 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 Readers should do their research before investing in funds.

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