Ripple Holds Above $0.38 And Returns To Range Bound Zone

Feb 17, 2023 at 10:16 // Price
Coin Idol
The price of Ripple entered the bearish trend zone

The price of Ripple (XRP) has fallen below the low of $0.36 and entered the bearish trend zone.

Long-term forecast for the Ripple price: bearish

On February 15, XRP bounced back above the moving average lines as the altcoin moved back up. However, the $0.40 barrier staved off the upside move. The cryptocurrency value fell above the 50-day line yesterday SMA. So, XRP is trading between the moving average lines. The cryptocurrency is back in its old range-bound region. When the moving average lines are crossed, the altcoin will trend. For example, if the price of XRP breaks the 50-day line SMA, it will fall to its previous low. The price of XRP has already fallen to lows of $0.34 and $0.36 as bulls bought the dips. Resistance at $0.40 has capped the upside move. The altcoin is now trading at $0.38 as we write this article.

Ripple indicator analysis

The value of the coin has fallen into a bearish trend zone. For the period 14, it is at level 48 of the Relative Strength Index. However, as the price bars are between the moving average lines, XRP might be forced to move in a range. Below level 40 of the Daily Stochastic, the altcoin is experiencing bearish momentum. 

XRPUSD(Daily Chart) - February 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 move for Ripple?

Ripple has weakened in the area between the moving average lines. The altcoin has a tendency to resume its sideways trend for a short period of time. Alternatively, it may bounce above the existing support and move back up.

XRPUSD(1 Hour Chart) - February 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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