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On the daily chart, the price of the cryptocurrency is trapped between moving average lines.
XRP long term analysis: ranging
The price of Ripple coin or XRP (XRP) is consolidating after the price drop on October 3. On October 3, XRP fell above the $0.50 support and started to consolidate above the current level, as reported by Coinidol.com. The cryptocurrency is trading in a narrow range, with support at $0.50 and resistance at $0.56.
On the upside, the altcoin will resume a positive trend if it breaks above the 50-day SMA or resistance at $0.56. The cryptocurrency will rise and regain its previous high of $0.65. If the 21-day SMA is breached, the market will return to its low of $0.50. XRP is now worth $0.53.
XRP indicator analysis
XRP is stabilizing, but its price bars are trapped between the moving average lines. The moving average lines are horizontal with a bearish crossover. However, the negative signal has ended above the $0.50 support. Doji candlesticks dominate the cryptocurrency market and show a lack of decision making among traders.
Technical indicators:
Resistance Levels – $0.80 and $1.00
Support Levels – $0.40 and $0.20
What is the next direction for XRP?
The 4-hour chart shows that XRP is in an upward correction after slipping above the $0.50 support. The development of doji candlesticks has led to a slight uptrend. The uptrend ended at the high of $0.56. Altcoin prices are steadily declining. The current fluctuation range will continue for a few more days.
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.