XRP Drifts Sideways as It Revisits the $0.50 Low
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XRP (XRP) Long-Term Analysis: Bearish
XRP (XRP) has dropped below the moving average lines as it revisits the $0.50 low. On the upside, purchasers made desperate attempts to keep the price above the overhead resistance but were unsuccessful. On September 6, the altcoin hit a low of $0.50 before recovering. The upward correction is being rejected by the moving average lines.
XRP trades above the $0.50 support level but below the moving average lines that rejected it at the previous peak. If the bears breach the present support level of $0.50, XRP will fall to its prior low of $0.48. In the meantime, buyers are trying to hold the price above the moving average lines. The altcoin will test the overhead resistance of $0.64 if buyers are successful.
Technical Indicators:
Major Resistance Levels – $1.00, $1.50, $2.00
Major Support Levels – $0.50, $0.30, $0.10
XRP (XRP) Indicator Analysis
On the 4-hour chart, the cryptocurrency’s price is rising while remaining above the moving average lines. On September 12, XRP rebounded after breaking above the moving average lines. However, on the daily chart, XRP trades in the bearish trend zone, locked below the moving average lines.
What Is the Next Direction for XRP (XRP)?
XRP is expected to maintain its horizontal trend as it revisits the $0.50 low. The cryptocurrency’s price is below the moving average lines and the resistance level of $0.60. Selling pressure will return if the cryptocurrency is rejected at the moving average lines. If the altcoin falls below its current price, the market will drift sideways.
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