Coinidol.com: XRP Stabilises above $2.00

The price of XRP has stabilised above the $2.00 support level as buyers have failed to keep it above the 21-day SMA barrier.

XRP long-term analysis: bearish

Since the price drop on October 10, buyers have made unsuccessful attempts to push the price above the 21-day SMA. Furthermore, the development of the Doji candlestick has limited price movement. Traders are uncertain about the market direction.

Since November 21, XRP has remained above the $2.00 support level but below the 21-day SMA. If the current support is breached, XRP may fall to a low of $1.82. At the time of writing, XRP is around $2.

Technical indicators: 

• Resistance Levels – $2.80 and $3.00; 

• Support Levels – $1.80 and $1.60

XRP price indicator analysis 

The price bars are currently below the moving average lines, following the recent rejection at the 21-day SMA. The moving averages are trending downward, indicating a bearish trend. The 4-hour chart also shows that the cryptocurrency price is below the downward-sloping moving average lines.

What is the next direction for XRP?  

The XRP price is moving sideways on the 4-hour chart. Since 24 November, the altcoin has been trading above the $2.00 support level and below the 21-day SMA. Buyers have defended the existing support for the past two weeks as the altcoin has continued to trade sideways. Currently, the altcoin remains above the $2.00 support.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.