XRP Is Still Dropping Below $1.65

XRP/USD Long-term Trend: Bearish

The XRP price is still dropping below $1.65, reaching a low of $1.50 on December 31. Bulls have bought the dips, compelling the altcoin to trade in a narrow range above the $1.50 support. The price’s upward movement has been capped below the $1.70 high. Doji candlesticks have reappeared as the altcoin consolidates above the $1.50 support level.

On the negative, if the bears break the $1.50 support, the cryptocurrency price would fall to a low of $1.24. However, the bearish momentum is anticipated to continue until the October 10 price level of $1.00. Today, XRP is worth $1.59.

Technical indicators

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

Daily Chart Indicators Reading:

On January 2, the 21-day SMA surpassed the 50-day SMA as the cryptocurrency price surged above the moving average lines. However, the 21-day SMA has fallen below the 50-day SMA support as the cryptocurrency price fell below the moving average lines. The extended candlestick wicks indicate strong buying pressure at the $1.50 support.

XRP/USD Medium-term Trend: Ranging

The XRP price has fallen and stalled above the $1.50 support. On the 4-hour chart, the cryptocurrency price is fluctuating above the $1.55 support and below the 21-day SMA barrier, or the resistance at $1.65. The 21-day SMA barrier has limited rising movements for the past five days. This suggests that the coin may be losing value.

4- Chart Indicators Reading

The 21-day and 50-day SMAs have dropped significantly to the bottom of the chart. The price bars are made up of a Doji candlestick that consolidates above the present support but below the 21-day SMA barrier. There are also long candlestick tails pointing across the $1.55 support level, indicating strong buying interest at lower prices.

General Outlook for Ripple (XRP)

The XRP price is still dropping below $1.65 but has paused above the $1.50 support. If the cryptocurrency loses its current support, it is likely to fall to the next support level of $1.24. The price movement has been motionless as it faces rejection at the 21-day SMA barrier on the 4-hour chart. The cryptocurrency signal is negative, with further rejection at the $1.65 high.

Make money without lifting your fingers: Start using a world-class auto trading solution.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.