XRP Maintains Its Slide as it Dips above $1.10

XRP/USD Long-term Trend: Bearish

The XRP price resumes its drop as it dips above $1.10. Since February 7, XRP has recovered from a low of $1.13. However, the bullish momentum was halted at a high of $1.54. If buyers can break through the resistance at $1.60 and the 21-day SMA level, XRP will have entirely recovered from its drop. Today, the cryptocurrency price is falling towards the $1.20 support.

On the downside, if the bears break below the $1.20 support, the altcoin would return to its prior lows of $1.11 and $1.00. However, if XRP retraces and remains above the $1.20 support level, it will continue its range-bound movement. XRP is currently trading at $1.36.

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 21-day SMA has passed below the 50-day SMA support line, indicating that the downturn will continue. On February 6, a long candlestick tail signals significant buying demand at a lower price point. The cryptocurrency price has entered the oversold territory of the market. The altcoin will gain if buyers emerge from the market’s oversold territory.

XRP/USD Medium-term Trend: Ranging

Following the latest dip, the XRP price has temporarily paused at above $1.10. However, the cryptocurrency price has been forced to trade sideways after the positive momentum was halted at a high of $1.54. The cryptocurrency price has dropped below the moving average lines following its rejection at the previous high. The price has stayed stationary as the little body, uncertain candlesticks rise.

4- Chart Indicators Reading

The moving average lines are sloping horizontally as the altcoin’s drop pauses above $1.20. The cryptocurrency price has slipped below the moving average lines after breaching above the 21-day SMA. XRP will continue to plummet if the price bars stay below the moving average lines.

General Outlook for Ripple (XRP)

The XRP price has continued to decrease as it dips above $1.10. The cryptocurrency price has dropped to a low of $1.36. If the altcoin falls below the $1.20 support level, it will resume its descent. Over the last week, the bears have retested the existing support once. Today, the cryptocurrency price has stalled and is sitting just above the $1.30 support. Meanwhile, the crypto signal is negative, with XRP trading in the bearish trend zone.

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