Ripple Coin Price Remains Trapped Due To Its Downward Movement

Dec 02, 2023 at 10:50 // Price
Coin Idol

The price of Ripple Coin (XRP) has remained trapped between the moving average lines. Moreover, the cryptocurrency is trading stable between $0.60 and $0.62.

Long-term XRP price long-term forecast: bearish

Doji candlesticks cause the price movement between the moving average lines to be slower. At the time of writing, the price of XRP is at $0.61.

The 21-day SMA has kept the cryptocurrency stable as it serves as a resistance level. XRP is also stationary due to the 50-day SMA, which serves as a support level. However, if the 21-day SMA is breached, the altcoin will resume its uptrend. The market will rise and retrace its steps to the previous highs of $0.73 and $0.75. XRP will lose value if the 50-day SMA support is breached.

XRP indicator analysis

The price bars for XRP are the small, uncertain candles known as doji. The moving average lines cross and leave the price bars. The doji candlesticks have prevented the price from moving any further. The horizontal slope of the moving average lines has continued due to the sideways trend.

Technical indicators:

Key resistance levels – $0.80 and $1.00

Key support levels – $0.40 and $0.20

XRPUSD_ (Daily Chart) – Dec. 01.jpg

What's the next move for XRP?

The cryptocurrency has been trading within a limited range and between moving average lines. The altcoin is currently trading at $0.61, which places it in the middle of the price range. The altcoin will perform as the price rises or falls. reported that when Ripple coin was approaching the high of $0.62, the upward correction is encountering resistance.  

XRPUSD_ (4 Hour Chart) – Dec.01.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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