XRP Is Declining as It Re-Enters the $2.61 Low

XRP/USD Long-term Trend: Bearish

XRP’s price is under selling pressure as it revisits the $2.61 low. XRP has currently dropped to a low above the 21-day SMA support. The altcoin’s bid to increase is still supported by the 21-day SMA. However, the price indication suggests that the value of the digital asset will continue to decline.

XRP will drop to the low above the 50-day SMA if the bears break below the 21-day SMA support. A drop to the low above the $2.61 low or the 1.618 Fibonacci extension was also indicated by the price indicator. Meanwhile, the price of XRP has been declining. Today, XRP is valued $3.10.

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 upward-sloping moving average lines are beneath the price bars.
The 21-day SMA support is both above and near the price bars. The bears are attempting to breach the 21-day SMA support in order to restart selling pressure. The 21-day SMA is below the extended candlestick tails, indicating strong buying above it.

XRP/USD Medium-term Trend: Bearish

XRP has dropped above the $3.00 support twice. The selling pressure is still present in the bearish trend zone today. Currently, XRP is moving sideways, above the $3.00 support but below the peak of $3.40. Since the appearance of the Doji candlesticks, the price movement has stayed constant.

4- Chart Indicators Reading

The decline is indicated by the downward-sloping moving average lines. A bearish indication is shown by the 21-day SMA being below the 50-day SMA. Since the price bars are below the moving average lines, XRP will keep declining.

General Outlook for Ripple (XRP)

The price of XRP is down as it revisits the $2.61 low. Bulls and bears are fighting for control of the price above the 21-day SMA support on the daily chart. If the bulls maintain the altcoin’s price above the 21-day SMA support, it will increase. XRP will increase and re-enter the $3.60 peak. On the other hand, if the bears break below the 21-day SMA support, XRP will keep declining.

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