XRP Rallies but Halts below the $2.40 Mark

XRP/USD Long-term Trend: Bullish

The XRP price resumes its bullish trend but halts below the $2.40 mark. The upward trend reached a high of $2.41, then was halted. However, the altcoin has failed to break the $2.40 threshold, resulting in its decline. On the downside, if the altcoin retraces and remains above the 50-day SMA, the bullish trend will resume and ascend to retest the $2.40 level.

If the present resistance is broken, the altcoin will rise to the next barrier, which is $2.69. However, if the altcoin retraces and falls below the 50-day SMA support, XRP will return to its previous range above the $1.80 support and below the moving average lines. The altcoin is now trading at $2.12.

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 XRP price bars are above the downward-sloping moving average lines. The altcoin has resumed a bullish trend, with price bars hovering above the 50-day SMA support. If the 50-day SMA support is breached, the bullish scenario will be rendered ineffective. The upward trend will continue if bullish momentum remains above the 50-day SMA support.

XRP/USD Medium-term Trend: Bullish

XRP is on a bullish trend, having surged to a high of $2.41 on January 6. The upward trend has halted at the current high, as the altcoin declines. The drop has stalled above the $2.00 support. If the present support holds, the altcoin will be forced to trade above the $2.00 support but below the $2.40 high. The altcoin will trend once the current levels are breached.

4- Chart Indicators Reading

The XRP price bar has dropped below the 21-day SMA support but remains above the 50-day SMA support. The cryptocurrency price is caught between the moving average lines. The altcoin will be compelled to make a range-bound move if the 21-day and 50-day SMAs are violated. The moving average lines show an upward slope, indicating an uptrend.

General Outlook for Ripple (XRP)

The XRP price begins its bullish ascent but halts below the $2.40 mark. On the upside, the increasing trend hit a high of $2.41 but did not continue to the prior highs. On the 4-hour chart, the rising trend has halted and dropped to a low of $2.12. The cryptocurrency price is trading within a range between moving average lines. Meanwhile, the crypto price continues to be optimistic, having risen above the moving average lines.

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