Coinidol.com's price analysis of the Ripple (XRP) coin price has fallen below the moving average lines, although it has broken above the 21-day SMA.
Long-term forecast for XRP price: bearish
In previous price action, XRP has fallen above the $0.50 support but below the moving average lines. Had the buyers lost the $0.50 support, the cryptocurrency might have dropped even lower to $0.46.
Today, the bears are losing control as buyers push the price above the 21-day SMA. The altcoin is currently worth $0.52. If the bullish momentum continues, the altcoin will rise to the 50-day simple moving average or the $0.56 high. The uptrend will start when the price breaks above the moving average lines. The altcoin will reach a high of $0.67. The cryptocurrency value will be trapped between the moving average lines if the bullish momentum does not rise above the 50-day SMA.
After the recent price rally, the price bars are above the 21-day SMA but below the 50-day SMA. This will cause the cryptocurrency to oscillate between the moving average lines. Despite the recent price rise, the sloping moving average lines remain downward sloping.
Key resistance levels – $0.80 and $1.00
Key support levels – $0.40 and $0.20
On the 4-hour chart, XRP has resumed its bullish momentum by crossing above the 21-day moving average line. The altcoin is growing as it approaches the high of $0.5350. Buyers were rejected on January 26, 2024 as they tried to hold the price above the $0.5350 peak. The altcoin is currently in a trap that is preventing it from moving higher.
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.com. Readers should do their research before investing in funds.