XRP Trades Marginally above the $2.00 Support

XRP/USD Long-term Trend: Ranging

The XRP price drops below the 21-day SMA and trades marginally above the $2.00 support. XRP has been trading below the 21-day SMA resistance and 50-day SMA support. In other words, XRP trades sideways between $2.00 and $2.80. The bears have broken below the 21-day SMA support, potentially pushing the price to a low above $2.00 and the 50-day SMA support.

The downtrend will resume once the bears break the 50-day SMA support. XRP will fall as low as $1.40. On the upside, if buyers maintain the price above the 21-day SMA barrier, XRP will resume its bullish trend. The altcoin will test the $2.80 high. XRP is now worth $2.18.

Technical indicators

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

Daily Chart Indicators Reading: 

XRP price bars fall between the moving average lines. The extended candlestick tail points to the $2.00 support. The extended candlestick tail signals strong buying above the $2.00 support level. Even with the latest fall, the moving average lines are sloping upward.

XRP/USD Medium-term Trend: Bullish

On the 4-hour chart, the price movement has stayed consistent, with XRP trading above the $2.00 support but below the moving average lines. XRP is falling and approaching the $2.00 support level following rejection by the moving average lines. The drop has halted as XRP consolidates above its current support.

4-hour Chart Indicators Reading

On the 4-hour chart, the price bars are below the moving average lines, indicating a downtrend. XRP is moving slightly, with price bars dominated by Doji candlesticks. The drop has paused above $2.15 as XRP consolidates.

General Outlook for Ripple (XRP) 

On the daily chart, XRP trades between the moving average lines and above the $2.00 support. XRP is plunging as it nears the 50-day SMA support. Once the 50-day moving average is breached, the altcoin will trend downward. However, the altcoin’s upward movement is unlikely as it continues its downward trend.

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