The price of XRP has finally risen above the moving average lines after falling below them on April 30. Price analysis by Coinidol.com.
XRP long-term price analysis: bullish
The crypto is holding its position above the 50-day SMA as it grows. The uptrend encounters its first hurdle at $2.40. If the bulls overcome the barrier at $2.40 and $2.60, the altcoin will reach its previous high of $3.00.
However, if the bullish scenario proves to be wrong, the altcoin will fall and continue its sideways movement. On the downside, XRP will reach the crucial support level at $2.00 if the altcoin falls below the moving average lines. In the meantime, XRP is consistently trading above the 50-day SMA.
XRP price indicator analysis
XRP’s price bars are still above the moving average lines, even though they have fallen below them. The cryptocurrency will rise as long as the price bars remain above the moving average lines. The moving average lines on the 4-hour chart prevent the price from rising while the price bars are below these lines.
Technical indicators:
Key Resistance Levels – $2.80 and $3.00
Key Support Levels – $1.80 and $1.60
What is the next move for XRP?
XRP has made an upward correction on the 4-hour chart. The price of cryptocurrencies has shown a series of higher highs and declines. It has dipped below the moving average lines as the higher high at $2.35 has held. XRP will fall back to the critical support level at $2.00 if it fails to rise above the moving average lines.
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.
