The price of Ripple (XRP) has fallen below the moving average lines, and is forming a sideways trend below the $3.40 mark.
Since July 24, as Coinidol.com wrote, the cryptocurrency has been trading sideways between the $2.60 support and the $3.40 resistance. Buyers have made three unsuccessful attempts to resume the uptrend above the $3.40 level.
XRP long-term analysis: bearish
Today, XRP fell and found support below the moving average lines, but above the $2.80 level. Selling pressure has eased and XRP is consolidating above the $2.80 support.
XRP will resume its positive momentum when it recovers and breaks above the moving average lines. Moreover, the altcoin will gain value if buyers hold the price above the moving average lines.
Meanwhile, the decline above the current support level of $2.80 has reached bearish fatigue. If XRP loses its current support, it will drop to $2.60. Currently, XRP is $2.85.
XRP price indicators analysis
After the recent decline, XRP price bars have fallen below the moving average lines. Doji candlesticks are forming on the 4-hour chart as the altcoin consolidates above its current support level. This will force the altcoin to remain in the bearish trend zone.
Technical indicators:
Key Resistance Levels – $2.80 and $3.00
Key Support Levels – $1.80 and $1.60
What is the next direction for XRP?
The price is currently trading below its moving average lines. On the 4-hour chart, the altcoin has dipped into a narrow range between the $2.80 support and the moving average lines. It will be forced to trade in a narrow range below the moving average.
However, since the price range is so narrow, XRP will see a rally or a breakdown.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
Source: https://coinidol.com/xrp-remains-range/
