The price of Ripple (XRP) has resumed the selling pressure as the bears have broken the 21-day SMA support.
XRP long-term analysis: bearish
The cryptocurrency has been on the decline since its high of $3.66. The altcoin is falling after a failed upside correction at its high of $3.33. The price of XRP resumed selling pressure after falling below the 21-day SMA support. The current upswing has ended as the 21-day SMA has been breached.
Conversely, XRP is expected to fall to the 50-day SMA if the bears break the 21-day SMA support. The price indicator predicts a further decline to $2.61 or the Fibonacci extension level of 1.618. In the meantime, XRP is trapped between the moving averages. The cryptocurrency is now worth $2.93.
XRP price indicators analysis
XRP is falling as the price remains below the 21-day SMA support but above the 50-day SMA. Despite the decline, the moving average lines are trending upwards. The altcoin will be forced to range between the moving average lines. On the 4-hour chart, XRP is expected to fall as the price bars are lower than the moving average lines.
Technical indicators:Â Â
Key Resistance Levels – $2.80 and $3.00
Key Support Levels – $1.80 and $1.60
What is the next direction for XRP? Â
XRP price has stalled above the $2.90 level as it continues its sideways movement between the $2.90 support and the moving average lines or the $3.30 resistance. The price bars are retesting the existing level as the bears try to regain their negative momentum.
However, doji candlesticks are appearing as the altcoin resumes consolidation above the $2.90 support.
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.
