XRP Slips Above $0.62 And Enters The Bearish Trend Zone

Dec 23, 2023 at 10:30 // Price
Coin Idol

The price of the Ripple coin (XRP) has fallen below moving average lines after two rejections from previous highs. Price analysis by Coinidol.com.

Long-term forecast for the Ripple Coin price: bearish

Ripple Coin was rejected twice at highs of $0.69 and $0.64 before falling into the downtrend zone.

On December 18, XRP quickly fell to a low of $0.57 as bulls jumped on the dips. The altcoin has recovered but is still trading below the moving average lines. Buyers have twice failed to sustain the price above the moving average lines. The resistance at $0.63 and the moving average lines have stopped the upward movement. The price of the altcoin is trading between $0.58 and $0.63. At the time of writing, XRP is trading at $0.62.

XRP indicator analysis

The price bars are below the horizontal lines of the moving average. There is a risk of the altcoin falling below the moving average lines. The price bars on the 4-hour chart are above the moving average lines, indicating that the cryptocurrency could rise. The altcoin is characterized by long candlestick tails at the bottom of the chart.

Technical indicators:

Key resistance levels – $0.80 and $1.00

Key support levels – $0.40 and $0.20

XRPUSD_ (Daily Chart) – Dec. 22.jpg

What is the next move for XRP?

The altcoin is currently trading in a bearish trend zone. It is trading below the moving average lines but above the support level of $0.57. The downtrend will begin if the cryptocurrency is rejected at the moving average lines. The altcoin will first return to its previous support level of $0.57. The decline will continue if the existing support is broken.

A week ago Coinidol.com reported that the price of Ripple coin was above the moving average lines and the support of $0.63. 

XRPUSD_ (4- Hour Chart) – Dec. 22.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 CoinIdol.com. Readers should do their research before investing in funds.  

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