Ripple Moves Sideways And Reaches The Range-Bound Zone

Dec 09, 2022 at 09:30 // Price
Coin Idol
Ripple moves sideways and reaches the range-bound zone

The price of Ripple (XRP) is continuously falling and the price trend has not changed. XRP is moving above the 21-day line SMA but below the 50-day line SMA. Similarly, the price of XRP is moving between the levels $0.31 and $0.40.

Ripple price long-term forecasts: bearish

Ripple is currently moving inside and outside the moving average lines. XRP will rise above the 50-day line SMA if buyers can break above the $0.40 level. If the positive momentum remains above the 50-day line SMA, the upward momentum of the Ripple asset will resume. XRP will reach a high at $0.50. On the other hand, if sellers cross the 21-day line SMA, XRP will retrace and resume its movement between $0.31 and $0.40. Today, XRP is hovering around the support at $0.39.

Ripple indicator analysis

With a Relative Strength Index reading of 48 for the 14 period, Ripple is trading in the bearish zone. Although the price bars are above the 21-day moving average line SMA, they are between the moving average lines. There is a chance of a sideways movement. The daily stochastic for Ripple is above the 40 level and is in a bullish momentum.

XRPUSD( Daily Chart) - December 9.22.jpg

Technical indicators 

Key resistance levels - $0.80 and $1.00

Key support levels - $0.40 and $0.20

What is the next move for Ripple?

The price of Ripple(XRP) is moving sideways as it crosses the 21-day line SMA. However, if selling pressure picks up and Ripple breaks the $0.31 support level, it could fall.

XRPUSD(Daily Chart 2) - December 9.22.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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