Ripple Coin Rises, But Risks Falling Below The $2.80 Mark

The price of Ripple (XRP) has continued its uptrend and has risen above the $2.87 barrier. The uptrend peaked at $3.40 before being resisted.

XRP long-term analysis: bullish

The cryptocurrency has retraced above the breakout level and resumed its uptrend. In the last 48 hours, the altcoin has traded above the $2.80 support level and below the $3.50 resistance. If the bulls break the $3.50 level, the altcoin will reach the projected price of the $1.618 Fibonacci extension or $4.38. 

However, XRP will fall if it fails to break through the $3.50 resistance. The altcoin will test its recent low at $2.80. XRP will continue to fall above the 21-day SMA support. The current trend will end if XRP loses its 21-day SMA support. XRP is now around $3.11.

XRP indicator analysis

The XRP price bars remain above the moving average lines as the altcoin pushes higher. On the 4-hour chart, the price bars are moving both below and above the 21-day horizontal moving average line. The price action is dominated by doji candlesticks that keep the price in constant motion.

Technical indicators:

Resistance levels – $2.80 and $3.00

Support levels – $1.80 and $1.60

What is the next direction for XRP?

On the 4-hour chart, XRP is in a sideways trend after ending the uptrend around $3.40. The altcoin is trading between $3.00 and $3.40, with the latter being below the former. It is currently moving back to the breakout level of $2.80. The uptrend will continue if the altcoin retraces and stays above the $2.80 support level.

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