XRP Takes A Break And Prepares For A Possible Rally To $3.50

The XRP (XRP) price has paused after reaching a high of $2.87 on December 2. The uptrend has continued as the cryptocurrency retraced and found support above the 21-day SMA.

XRP long-term analysis: bullish

Last week, the altcoin traded above the 21-day SMA but below the barrier at $2.80. The uptrend will continue if the 21-day SMA support holds and the bulls break through the $2.80 resistance. If the buyers break the current barrier at $2.80, XRP will rise to the next resistance at $3.30. However, if the buyers fail to break the $2.80 barrier, the current price range will remain. 

On the downside, XRP will fall if the bears break the 21-day SMA support. XRP will fall above the 50-day SMA or the low at $1.40. At the time of writing, XRP is currently worth $2.40.

XRP indicator analysis

The price bars remained above the 21-day moving average line after the uptrend ended. Two extended candlestick tails point in the direction of the 21-day SMA. These candlestick tails indicate that the 21-day SMA support is generating significant buying pressure. The moving average lines are trending north, indicating a current uptrend.

Technical indicators:  

Resistance Levels – $1.40 and $1.60

Support Levels – $1.00 and $0.80

What is the next direction for XRP?

On the 4-hour chart, XRP has been moving sideways since the rejection on December 3, as Coinidol.com reported. The price of the cryptocurrency has been fluctuating in a narrow range of $2.00 to $2.60. Doji candlesticks dominated the price movement. The doji candlestick has made the price movement stationary.

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