XRP Bounces but Hits the $2.65 Barrier

XRP/USD Long-term Trend: Bearish

The XRP price rises above $2.20 but hits the $2.65 barrier. Prices have been falling since October 10. XRP has been drifting sideways, above the $2.20 support but below the moving average lines. Today, the cryptocurrency price is aiming to break above the 21-day SMA. If the cryptocurrency breaks above the 21-day SMA barrier, it will ascend to the next resistance level at the 50-day SMA.

On the upside, if buyers can sustain the price above the moving average lines, XRP will test past highs of $3.20 and $3.60. In contrast, XRP will return to its range above the $2.20 support, where it failed to break above the 21-day SMA barrier. XRP is now valued $2.59 at the time of writing.

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 XRP price has broken above the 21-day SMA barrier. It means that XRP has recovered its bullish momentum. If the 50-day SMA barrier is not broken, the altcoin will be compelled to move in a range between the moving average lines. In the meantime, the moving average lines are horizontal, indicating a sideways trend.

XRP/USD Medium-term Trend: Bullish

On the 4-hour chart, the XRP price has broken above the moving average lines, indicating that the altcoin will continue to trade horizontally. The altcoin has traded sideways between $2.20 and $2.70. Bullish momentum has been halted near $2.65. If the initial barrier is broken, XRP will continue its positive upward trend, reaching a high of $3.20. If the altcoin fails to break its previous high, the sideways trend will continue above $2.20.

4- Chart Indicators Reading

The price bars are located above the horizontal moving average lines. The 21-day SMA exceeds the 50-day SMA, indicating a trend. The altcoin’s price will rise as long as it remains above the moving average lines. Currently, the crypto price is moving gradually, dominated by Doji candlesticks.

General Outlook for Ripple (XRP)

XRP breaks above the 21-day SMA level but hits the $2.65 barrier. However, the price movement is restricted due to the existence of Doji candlesticks. The cryptocurrency price is having difficulty breaking through the resistance at $2.65. The cryptocurrency has been repelled three times at the recent peak. Meanwhile, the crypto signal will be bullish if the cryptocurrency price breaks and closes above the 21-day SMA.

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