The price of the Ripple coin (XRP) has fallen below the moving average lines, hitting a low of $0.45 on June 7. The bulls got the dips and rose above the current support of $0.46.
Long-term analysis of Ripple: fluctuation
Interestingly, the altcoin has been trading in a range of $0.46 to $0.57. Buyers have failed to sustain the price above the moving average lines and resistance at $0.57. This has contributed to the coin’s current decline. The altcoin has been trading below the moving average lines for the past week, but above the current support level of $0.46. The altcoin will perform if the support at $0.46 holds. If the altcoin loses the current support, it could fall back to its previous low of $0.41.
XRP indicator analysis
The price bars have been below the moving average lines since May 31. The altcoin is set to fall as XRP is trading in the bearish trend zone. The blue moving average line is lower than the red moving average line, indicating a bearish crossover.
Technical indicators:
Key resistance levels – $0.80 and $1.00
Key support levels – $0.40 and $0.20
What is the next direction for XRP?
The 4-hour chart shows that XRP is trading above the current support level of $0.46. Since the price drop on June 7, the cryptocurrency has seen a series of lower highs and lower lows. The altcoin bounced off when it reached the current support level of $0.46. The movement of the altcoin will continue until it surpasses the current support level.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.