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.
Technical indicators:
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.