XRP Consolidates above $0.54 as Buyers Drive the Rise

XRP (XRP) Long-Term Analysis: Bearish
The price of XRP (XRP) has fallen below the moving average lines as buyers drive the rise. The altcoin has been consolidating above the $0.54 support since the market collapse on January 3. Nonetheless, buyers tried to keep the price above the moving average lines but were unsuccessful at $0.62. On the positive side, further upward movement of the cryptocurrency is improbable given the recent rejection.

XRP/USD will retest the existing support level at $0.54 on the downside. However, if the bear’s breach is below the current support of $0.54, selling pressure will return. XRP will decline significantly, reaching a low of $0.48. In the meantime, the altcoin will be forced to trade sideways between the current support levels of $0.54 and $0.62.

Technical Indicators:
Major Resistance Levels – $1.00, $1.50, $2.00
Major Support Levels – $0.50, $0.30, $0.10

XRP (XRP) Indicator Analysis
The bearish momentum has lessened, but the price bars are still below the moving average lines. The altcoin’s current range of fluctuation is below the lines representing the moving averages. The moving average lines are sloping horizontally, even with the recent decline. The coin has been moving sideways throughout trading.

What Is the Next Direction for XRP (XRP)?
The crypto asset is currently trading below its moving average lines as buyers drive the rise. The cryptocurrency’s price ranges from $0.55 to $0.62. The altcoin is erratic as it awaits a positive trend. The negative momentum has decreased as of now. In addition, the tail of the long candlestick on January 12 shows significant buying pressure at the $0.48 support level.

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