coinidol.com
The price of Ripple (XRP) has fallen below the moving average lines since it was rejected at the $2.50 high.
XRP long-term analysis: bearish
According to the price analysis by Coinidol.com, after falling as low as $2.17, the altcoin is approaching the critical support level of $2.00. The bears will try to push the altcoin down to the critical support level of $2. Buyers are expected to go all out to protect this level as a break below this level would send XRP crashing to the low of $1.78.
On the other hand, XRP will rally if it stays above the $2.00 support. The altcoin will return to its range between the $3.00 resistance and the $2.00 support. Upsides were recently halted below the $2.60 high. Meanwhile, XRP is slightly above the critical support level of $2.00.
XRP indicator analysis
Following the rejection of the recent high, the price bars are below the moving average lines. A bearish crossover on the 4-hour chart for XRP indicates that the cryptocurrency is bearish. The presence of the doji candlesticks has kept the price of cryptocurrency low.
Technical indicators:
Key Resistance Levels – $2.80 and $3.00
Key Support Levels – $1.80 and $1.60
What Is the Next Direction for XRP?
The cryptocurrency value is still above the $2.00 support, even though it has fallen into the downtrend zone.
On the downside, the bears have failed to break the $2.00 support since December 1, 2024, as reported by Coinidol.com. If the bulls defend the critical support level at $2.00, the price will enter a range. However, the altcoin will rise despite the resistance at $2.60 and the first hurdle at 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.