The price of Ripple (XRP) is rising after falling below the critical support level of $2.00.
XRP long-term analysis: bearish
If the $2.00 support holds, XRP will return to its previous price range of $2.00 to $3.00, which is positive.
On the daily chart, there will be selling pressure again if XRP falls below the $2.00 support and away from the moving average lines. The price indication on the weekly chart predicts that the cryptocurrency will continue to fall.
According to Coinidol.com, the bears have broken the 21-day SMA support on the weekly chart and XRP is expected to fall to the 50-day SMA. In other words, XRP will fall to a low of $1.06 or the 1.618 Fibonacci extension.
XRP indicator analysis Â
On the weekly chart, where the price bars are located between the 21-day and 50-day SMA, XRP will continue to move within the restricted range.
However, as the price bars on the daily chart are below the downward sloping moving average lines indicating a downtrend, XRP will fall.
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 broken above the $2.00 support and the bears are still trying to drive it down.
However, if the price prediction is correct, XRP will fall. The bulls and bears are fighting for a price above the $2.00 support. The bears may be in the lead as XRP is trading in the bearish trend zone.
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.
