The price of Ripple (XRP) recovered significantly and broke above the moving average lines on March 2.
However, the bullish momentum was denied at the $3.00 high, XRP slipped above the $2.00 support.
XRP long-term analysis: bearish
Currently, buyers are trying to keep the price above the moving average lines. The altcoin will rise to $3.00 if it breaks above the moving average lines. XRP will have to trade below the moving average lines if the buyers are unable to keep the price above them. In the meantime, the price of XRP will fluctuate between the moving average lines and the $2.20 support, as reported by Coinidol.com. XRP is worth $2.49.
XRP indicator analysis
XRP is trading in the bearish trend zone as the price bars have fallen below the moving average lines. The altcoins risk falling when they are in the bearish trend zone. The altcoin’s moving average is horizontally aligned as it continues to move between the support at $2.20 and the high at $3.00.
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?
Since its decline on March 3, XRP has been trading in a narrow range. The uptrend on the 4-hour chart is being held back by the $2.50 barrier. The altcoin will reach its previous high of $3.00 once the initial barrier of $2.50 is breached. In the meantime, XRP is trading between $2.00 and $2.50.
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-recovers-but-barrier/