Ripple Continues Horizontal Trend But Gets Stuck

Mar 10, 2024 at 20:42 // Price
Coin Idol

The price of Ripple (XRP) coin is trading above the moving average lines, but its movement has been stuck in a range since March 5. Price analysis by

Long-term forecast for the Ripple price: bullish

On March 5, buyers pushed XRP to a high of $0.66 before being rejected. The altcoin fell sharply to a low of $0.53, but the bulls bought the dips.

On the downside, the bulls halted the slide above the 50-day SMA while the upside momentum was caught at the $0.66 resistance level. Since March 5, XRP has been trading in a price range of $0.55 to $0.66. The extended candlestick tail indicates significant buying pressure at the $0.55 support level. If the bears breach the $0.55 support, the altcoin will retest its previous low of $0.50. XRP is now worth $0.62.

XRP indicator analysis

Since February 15, 2024, the price bars have been above the moving average lines. The uptrend has stalled below the $0.67 resistance. The cryptocurrency's fortunes are limited to a range. The altcoin is forming a doji candlestick above its current support. The presence of doji candlesticks restricts the cryptocurrency's uptrend.

Technical indicators:

Key resistance levels – $0.80 and $1.00

Key support levels – $0.40 and $0.20

XRPUSD_ (Daily Chart) -March 9.jpg

What's next for Ripple?

XRP is in a downtrend but has resumed a sideways trend. The upward movement is still limited at the high of $0.64. The price of the cryptocurrency is now oscillating above the $0.62 support. The altcoin has a probability of growing because the price bars are higher than the moving average lines.

XRPUSD_ (4-hour Chart) -March 9.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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