XRP Continues to Oscillate Between $2.00 and $2.35

XRP/USD Long-term Trend: Bearish

XRP’s price oscillates between $2.00 and $2.35 barrier level. However, since May 30, the cryptocurrency asset has been trading in a small range between the moving average lines and the $2.00 support. The altcoin has consistently traded above the $2.00 support for more than two weeks. The moving average lines have held back the rising trend. A rise above moving average lines is doubtful.

However, the moving average lines have repulsed the bullish momentum three times. The 21-day SMA repulsed the positive momentum on June 17 as it fell and resumed consolidation above the $2.10 support. The altcoin is currently worth $2.17.

Technical indicators

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

Daily Chart Indicators Reading:

XRP is trading in the area of the bearish trend. The price bars display long candlestick tails that are below the moving average lines and headed toward the current price of $2.00. The extended candlestick tail indicates strong buying pressure above the $2.00 support. The trend is sideways, as shown by the horizontal moving average lines.

XRP/USD Medium-term Trend: Bearish

XRP is moving sideways between the $2.10 support and the $2.35 resistance on the 4-hour chart. The price of the cryptocurrency is currently trading in a confined range between the $2.14 support and below the moving average lines. The price movement has been locked below the moving average lines. If XRP recovers and breaks above the moving average lines, it will rise to the high of $2.34.

4-hour Chart Indicators Reading

The price bars have been below the horizontal moving average lines since June 17. The price bars have remained stationary due to the presence of Doji candlesticks. The sideways move is shown by the 21-day SMA sloping both below and above the 50-day SMA.

General Outlook for Ripple (XRP)

The price of XRP oscillates between $2.00 and $2.35 since traders are unsure of the market’s path. If it stays above the present support and doesn’t rise above the moving average lines, XRP will maintain its range. The altcoin will continue to trend as long as buyers keep the price above the moving average lines.

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