XRP/USD Long-term Trend: Bearish
XRP’s price is falling as it continues its slide below $3.20. Buyers attempted to push the price above $3.20, but were repulsed. The second bullish momentum was dashed at the $3.10 high. Today, XRP fell below the 50-day SMA, indicating a further slide in the cryptocurrency. XRP has fallen above the 21-day SMA but below the 50-day SMA. Further higher movement of the crypto asset is unlikely as the altcoin loses its 50-day SMA support.
On the downside, selling pressure will resume if the bears break below the 21-day SMA support. XRP will fall to its next support at $2.70. The altcoin is now valued $2.98 as of this 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:
Horizontal moving average lines indicate a sideways trend. However, the price bars are located between the moving average lines. The price bars are denominated with a Doji, or candlestick, causing the cryptocurrency to move steadily. The 21-day SMA is lower than the 50-day SMA, indicating that the market is now declining.
XRP/USD Medium-term Trend: Bearish
The cryptocurrency asset is in a sideways trend on the 4-hour chart. The cryptocurrency is trading above the $2.95 support level but below the $3.20 peak. XRP has slipped below the moving average lines after failing to break through the $3.20 resistance. The cryptocurrency price has fallen below the $3.00 support level and may continue to decrease.
4- Chart Indicators Reading
The 21-day and 50-day SMAs are trending downward. As the cryptocurrency drops, the 21-day SMA has dipped below the 50-day SMA. The price bars are below the moving average lines, indicating a decline.
General Outlook for Ripple (XRP)
XRP is in a downtrend as it continues its slide below $3.20. On the daily chart, the altcoin will continue to fluctuate because it is caught between two moving average lines. However, the bears have broken through the critical support at $3.00. The cryptocurrency signal is unfavorable as bears broke below the moving average lines.
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