XRP Bounces Above $2.00 as It Enters Bearish Exhaustion

XRP/USD Long-term Trend: Bearish

XRP’s price drops to a low of $2.08 as it enters bearish exhaustion. The altcoin’s price range in the previous price action was between $2.00 and $2.65. The altcoin has fallen to a low of $2.00. XRP’s price is rising as a result of the $2.00 support. The price will restart its upward trend once it breaks above the moving average lines.

The upward trend will now reach the peak of $2.65. On the downside, as the market approaches bearish exhaustion, a break below $2.00 seems unlikely. Nevertheless, if XRP breaks through the current support, it will return to the prior low of $1.61.

Technical indicators

Key Resistance Levels: $2.50, $3.00, $3.50
Key Support Levels: $1.50, $1.00, $0.50

Daily Chart Indicators Reading:

The horizontal lines of the 50-day and 21-day moving averages are above the price bars. The altcoin hit the $2.00 support, which eased the selling pressure. The Doji candlesticks are forming a consolidation above the $2.00 crucial support. This will result in a static price movement. The altcoin is currently below the moving average lines.

XRP/USD Medium-term Trend: Bearish

The price of XRP dropped on the 4-hour chart and hovered above the $2.10 support on May 31. The altcoin is currently trading above the $2.10 support and below the moving average lines or the $2.20 barrier. The 21-day SMA support was breached, and the price of XRP is rising. The price of cryptocurrency is battling near the $2.20 mark. Once it surpasses the 50-day SMA and the $2.20 boundaries, XRP will start to move again.

4-hour Chart Indicators Reading

The 21-day SMA is below the 50-day SMA, signaling a drop, and the moving average lines are sloping south. The price of XRP is currently fluctuating between the moving average lines after breaking above the 21-day SMA level. Since the cryptocurrency price is caught between the moving average lines, it will be compelled to move in a range.

General Outlook for Ripple (XRP)

XRP recovers above the $2.00 support as it enters bearish exhaustion. At the moment, it is trading below the resistance at $2.20 and above the $2.10 support. The $2.20 barrier is currently halting the rising trend. In preparation for a bullish trend, the altcoin has been bouncing below the $2.20 resistance since May 31. At the same time, the price of XRP is moving sideways above the $2.00 support.


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