XRP Moves Above $0.50 And Is On The Verge Of A Rally Or A Collapse

Ripple coin or XRP (XRP) is in an upward correction and remains below the moving average lines. Price analysis by Coinidol.com.

XRP long-term analysis: bearish

After the price decline on October 3, XRP is currently trading above the $0.50 support but below the moving average lines. 

Today, the moving average lines have resisted the bullish momentum. The cryptocurrency will fall and retest the critical support at $0.50. The critical support has not been challenged since September 6, as reported by Coinidol.com. 

The altcoin could enter a rangebound move above the current support but below the moving average lines. However, the uptrend will kick in if buyers keep the price above the moving average line. XRP will rise to a high of $0.64.

XRP indicator analysis

XRP is in a downtrend as the price bars are below the moving average lines. The altcoin is declining but is finding support above its low of $0.50. Since July 16, the moving average lines have remained horizontal, indicating a sideways trend. The introduction of doji candlesticks has caused a delayed price movement.

Technical indicators:  

Resistance Levels – $0.80 and $1.00

Support Levels – $0.40 and $0.20

What is the next direction for XRP?

On the 4-hour chart, XRP is in a sideways trend, trading in a narrow range between $0.50 and $0.55. Price action is dominated by doji candlesticks, which is causing the altcoin to consolidate above its current support. The altcoin is approaching the stage of a possible price rise or dip. The altcoin is hanging just above the $0.50 support.

Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.