The price of XRP has entered a negative trend zone over the past week.
XRP long-term analysis: bearish
Buyers were unable to sustain bullish momentum above the 21-day SMA after breaching it on October 25. For a week, the cryptocurrency price remained above the 21-day SMA support while falling below the 50-day SMA. On November 3, the bears breached the 21-day SMA support and continued their decline to a low of $2.00.
Today, the decline has paused above the $2.00 support, as the cryptocurrency price consolidates above this level. On the downside, if the current support is broken, the price may fall as low as $1.61.
On the upside, XRP will resume its bullish trend if it breaks above the 21-day SMA barrier, potentially reaching its previous high of $3.20.
Technical indicators:
XRP indicator analysis
XRP price bars have fallen below the horizontal moving average lines. Previously, the price bars were positioned between the moving average lines. The downward-sloping moving average lines on the 4-hour chart have become horizontal due to selling pressure above the $2.00 support.
What is the next direction for XRP?
On the 4-hour chart, the XRP price has been moving sideways since November 4. The cryptocurrency has been trading above the $2.15 support and below the $2.40 high. The price fluctuates within a narrow range, but its upward movement is limited by the 50-day SMA or resistance at $2.40. XRP will trend upward as long as buyers maintain the price above the moving average.
Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.