XRP Steadily Rises Above the $2.40 Support

XRP/USD Long-term Trend: Ranging

XRP’s (XRP) price drops to the 50-day SMA support but steadily rises above the $2.40 support. The cryptocurrency asset is still moving sideways between the $3.00 barrier and the $2.00 support. Since March 6, the altcoin has been under selling pressure at the resistance level of $2.60. Given the altcoin’s rejection at the most recent high, the upward trend is unlikely. If XRP declines below the moving average lines, it will retest the crucial support level at $2.00.

On the other hand, if buyers maintain the price above the moving average lines, the altcoin will rise to its peak of $3.00. Nevertheless, the altcoin has been compelled to move sideways by the Doji candlesticks, which limits the price movement. The current value of XRP is $2.42.

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 sideways move is indicated by the horizontal moving average lines. Although they are represented by Doji candlesticks, the price bars fall between the moving average lines. The Doji, which are little body-uncertain candlesticks are the reason why XRP is rising slowly.

XRP/USD Medium-term Trend: Ranging

The price of XRP is represented as a little body indecisive candlestick known as a Doji on the 4-hour chart. The altcoin fluctuates between the $2.20 support and below the resistance at $2.60. XRP is currently falling after hitting the $2.50 barrier. The altcoin moved back above the moving lines. The decline will stall if the moving average lines hold.

4-hour Chart Indicators Reading

The moving average lines are horizontal but the price bars are fluctuating below and above the moving average lines. XRP continues to move sideways as Doji candlesticks dictate the price movement. The 21-day SMA is above the 50-day SMA which slopes horizontally.

General Outlook for Ripple (XRP) 

Since the February 3 price collapse, XRP has been trading sideways but steadily rising above the $2.40 support. The market’s direction is unclear to traders. The altcoin stays stagnant and trapped inside the current price range due to traders, as shown by the Doji candlesticks. As the Doji candlesticks continue to form, XRP will continue its range-bound movement.

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