The price of the Ripple coin (XRP) has maintained a sideways pattern, trading above the $0.50 support but below the moving averages.
XRP long-term analysis: ranging
On October 25, the bears broke below the $0.50 support but recovered above it. Now, XRP is correcting upwards as it approaches the moving average lines. A break above the moving average lines would take the price to a high of $0.56 and it will reach a high of $0.65. However, if the altcoin deviates from the moving average lines, it will decline. XRP will test its previous lows of $0.47 and $0.43. It is currently worth $0.52.
XRP indicator analysis
Since October 2, the price bars have remained below the horizontal moving average lines. This indicates a continued depreciation of the cryptocurrency. The 21-day SMA acts as resistance for the price bars. In addition, doji candlesticks dominate the price action. This means that the price movement is stationary.
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 XRP in a sideways trend above the support level of $0.50. The cryptocurrency is moving between the support level of $0.50 and the resistance level of $0.56. The sideways trend will continue as the altcoin is trapped between the moving average lines. XRP will rally if buyers keep the price above the 50-day moving average. The price will drop again once it falls back below the 21-day moving average line.
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.
Source: https://coinidol.com/xrp-moves-sideway/