XRP Completes Its Cycle And Remains Above $0.59

Aug 12, 2023 at 10:30 // Price
Coin Idol
XRP has reached bearish exhaustion

Cryptocurrency analysts of Coinidol.com report, the XRP price is declining and has reached bearish exhaustion.

XRP price long term forecast: bearish

The cryptocurrency's value has fallen from a high of $0.85 to a low of $0.59. The altcoin is consolidating above the $0.59 support or the 50-day simple moving average. XRP will have to move within a certain range as it is trapped between the moving average lines.

When the moving average lines are broken, the altcoin will develop a trend. On the positive side, the altcoin will resume its positive trend when the price rises above the 21-day line SMA. The positive momentum will continue until the previous high of $0.85 is reached. XRP will fall to its previous low of $0.47 if the bears break below the current support.

XRP indicator analysis

XRP has fallen below the level of Relative Strength Index 44 for the period 14. The altcoin is expected to fall as it is in a bearish trend. The moving average lines are between the price bars, indicating a movement within the range. The altcoin is in a downtrend below the daily stochastic threshold of 25, and the decline is in the oversold zone.

XRPUSD(Daily Chart) – AUG. 11.23.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 XRP?

XRP has reached bearish exhaustion as it returns to its horizontal trend. The cryptocurrency's price oscillates between $0.62 and $0.64. The altcoin has not yet developed due to the dominance of the doji candlesticks. The price movement was slowed down by the presence of doji candlesticks.

XRPUSD_(1 Hour Chart) – AUG.11.23.jpg

As we reported on August 06, the cryptocurrency value fell to a low of $0.61, but remained above the current support. The price suggests that the market has reached bearish fatigue. 

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.

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