Ripple Coin Recovers, But Encounters Resistance At $0.63

Dec 15, 2023 at 11:58 // Price
Coin Idol

Ripple (XRP) coin shows the resistance for the upward movement is at the high of $0.63. Price analysis by

XRP price long-term forecast: bullish

The Ripple coin is currently hitting first resistance at $0.63. The high at $0.69 is likely to be another obstacle to the positive momentum. The altcoin encountered resistance at its high of $0.69 on December 9 and fell below the moving average lines to a low of $0.59. By buying the losses, the bulls were able to continue their uptrend. 

On the upside, the market will rally to the highs of $0.75 and $0.85 if the buyers overcome the current resistances. However, XRP will fall if the bears break the moving average lines. The market is expected to fall by $0.58.

XRP indicator analysis

The price of the altcoin falls above the moving average lines. XRP will rise if the price bars remain above the 21-day SMA. The cryptocurrency will fall if the bears break below the moving average lines. The moving average lines are still horizontal, indicating that the trend is sideways.

Technical indicators:

Key resistance levels – $0.80 and $1.00

Key support levels – $0.40 and $0.20

XRPUSD_ (Daily Chart) – Dec. 15.jpg

What is the next move for XRP?

The cryptocurrency is currently trading in a positive trend zone. The price of the cryptocurrency is above the moving average lines and the support of $0.63. The cryptocurrency's trend will be determined by where the pendulum swings. Long candlestick tails below the moving average lines signal strong buying at lower price levels.

On December 8, reported that during the recent price activity, the cryptocurrency was trapped between the moving average lines.  

XRPUSD_ (4-hour Chart) – Dec. 15.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 the research before investing in funds.

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