XRP/USD Long-term Trend: Ranging
The price of XRP trades as it recovers its bullish ascent above $1.80. The cryptocurrency trades above the $1.80 support and then below the 21-day SMA barrier. Since November 24, bulls and bears have been at odds over the 21-day SMA barrier. The bears defeated the bulls by pushing the price to a low of $1.80 for the third time. Bulls bought the dips to start a range-bound rally above the $1.80 support.
The cryptocurrency price is currently trading in a close range, above the $1.80 support but below the 21-day SMA barrier. If the bears breach the $1.80 support level, selling pressure on XRP will resume. XRP will go to a low of $1.60, then to a low of $1.00. Today, XRP is trading at $1.86 as of this writing.
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 moving average lines have continued to slope downward as the price bars fall below them. The bulls tried but were unable to keep the price above the 21-day SMA level. The formation of Doji candlesticks indicates that traders are unsure regarding the direction of the market. The cryptocurrency price has remained above $1.80 for the past month.
XRP/USD Medium-term Trend: Bearish
The 4-hour chart shows XRP’s price falling below the moving average lines. The cryptocurrency price is ranging between $1.80 and $1.94. On the upside, resistance at $1.94 has slowed the price increase. Today, the cryptocurrency price is increasing after dipping to a low of $1.84.
4- Chart Indicators Reading
The 21-day and 50-day SMAs slope horizontally, but the 21-day SMA is higher than the 50-day SMA support. The price is below the moving average lines, indicating a fall. On December 19, a long candlestick tail signals significant buying pressure at the $1.80 support.
General Outlook for Ripple (XRP)
The XRP price returns to its range as it recovers its bullish ascent above $1.80. The altcoin has remained range-bound, trading above the $1.80 support and below the $1.94 resistance. XRP risks falling as it trades in a narrow range above $1.80 but below the $1.94 high.The cryptocurrency asset has faced rejection at its recent high, resulting in a fall. Meanwhile, the existence of Doji candlesticks limits the crypto signal’s range.
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