XRP Surpasses $0.50 As Bulls Ascend Higher
Coinidol.com’s analysis of the Ripple (XRP) coin price reveals that it has dipped below the moving average lines, but it has managed to break above the 21-day SMA.
Long-term forecast for XRP price: bearish
In recent price action, XRP fell below the $0.50 support but remained above the moving average lines. If the buyers had lost the $0.50 support, the cryptocurrency could have dropped further to $0.46.
However, today the bears are losing control as buyers push the price above the 21-day SMA, with the altcoin currently valued at $0.52. If the bullish momentum continues, XRP will rise towards the 50-day simple moving average or the $0.56 high. Once the price breaks above the moving average lines, the uptrend will begin, possibly reaching a high of $0.67. However, if the bullish momentum fails to exceed the 50-day SMA, the cryptocurrency’s value will be confined between the moving average lines.
XRP indicator analysis
Following the recent price rally, the price bars are now above the 21-day SMA but below the 50-day SMA. This situation will likely cause XRP to fluctuate between the moving average lines. Despite the recent price increase, the sloping moving average lines remain downward sloping.
Key resistance levels – $0.80 and $1.00
Key support levels – $0.40 and $0.20
What’s next for XRP?
On the 4-hour chart, XRP is continuing its bullish momentum by crossing above the 21-day moving average line. The altcoin is steadily growing as it approaches the high of $0.5350. However, there was resistance on January 26, 2024, as buyers attempted to hold the price above the $0.5350 peak. Currently, XRP seems to be trapped, preventing it from moving higher.
Disclaimer: This analysis and forecast represent the personal opinions of the author and should not be regarded as a recommendation to buy or sell cryptocurrency. Readers are encouraged to conduct their own research before investing in funds.