XRP Slumps Below $2.00 as It Resumes Its Bearish Ascent

XRP/USD Long-term Trend: Bearish

The price of XRP is below the 21-day SMA support as it resumes its bearish ascent. The bearish momentum may continue on the downside as it breaks below the critical support level of $2.00. The bulls purchased the dips on the downside as they attempted to reclaim the $2.00 high. Positively, if the bulls push the price above the $2.00 support, XRP will keep rising. 

XRP will continue its downward trend, though, if it is rejected at the $2.00 high. The price indicator predicts that XRP will fall above the 50-day SMA or the Fibonacci extension level of 1.618, or $1.06. Right now, XRP is worth $1.99.

Technical indicators

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

Weekly Chart Indicators Reading: 

The prior trend is indicated by the moving average lines going north. The price bar, however, is below the 21-day SMA but above the 50-day SMA. There are long candlestick tails pointing across the 50-day SMA. It indicates strong buying pressure above the 50-day SMA.

XRP/USD Medium-term Trend: Bearish

XRP has been in a range-bound move above the $2.00 but below the moving average lines on the daily chart. The bears have breached the $2.00 support today, indicating that the cryptocurrency will continue to decline. With a steady decline, the altcoin is already above the $1.00 support.

Daily-hour Chart Indicators Reading

A bearish trend is shown by the downward slope of the horizontal moving average lines. Doji candlesticks describe the price activity as the altcoin travels gradually lower. Strong purchasing pressure at lower price levels is indicated by the extended candlestick tails.

General Outlook for Ripple (XRP) 

The price of XRP breaks through the $2.00 support as it resumes its bearish ascent. According to the price indicator, the drop continues above the $1.00 support. The decline has now halted after plunging as low as $1.61. The cryptocurrency signal is negative as the altcoin loses the $2.00 support.

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