Ripple Coin Starts A Range-bound Move And Stops Above $2.20

The price of XRP has fallen from its previous range of $3.00 to $3.50 below the moving average lines.

XRP long term analysis: bearish

The negative trend has dropped to a low of $1.78 after breaking below the moving average lines. Selling pressure has initiated a move below the moving average lines after easing above the $2.20 support. 

According to the price analysis by Coinidol.com, on the downside, XRP will return to its previous low of $1.78 if the bears break below the $2.20 support. If the price of XRP breaks above the moving average lines or the $3.00 resistance, it will resume its uptrend. The value of the altcoin currently stands at $2.38.

XRP indicator analysis

The moving average lines are pointing upwards despite the downtrend. The downtrend is indicated by the moving average lines on the 4-hour chart, which are sloping southwards. Strong buying pressure was signaled by the long candlestick tail near the $1.78 support on February 3.

Technical indicators:   

Resistance Levels – $2.80 and $3.00

Support Levels – $1.80 and $1.60 

What is the next direction for XRP? 

XRP is trading below the moving average lines and above the $2.20 mark on the 4-hour chart. The altcoin is correcting upwards, but the 21-day SMA is refuting the uptrend. The uptrend was interrupted due to pressure from the doji candlesticks.

Disclaimer. This analysis and forecast are the personal opinions of the author, 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.