XRP Rebounds as It Challenges the $0.53 High
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XRP (XRP) Long-Term Analysis: Bearish
XRP (XRP) has recovered bullish momentum, breaking above the 21-day SMA and challenging the $0.53 high. In prior price action, XRP traded above the $0.50 support but below the moving average lines. On February 9, the bulls rose above the 21-day SMA. The cryptocurrency asset has risen above the 21-day SMA and is likely to reach the 50-day SMA, or the $0.56 high.
On the upside, if the cryptocurrency price breaks above the moving average lines, XRP will restart its upward trend. The market will rise further, reaching a high of $0.67. The upward movement is currently met with opposition at the $0.53 high point. The altcoin will decrease and find support above the critical support level of $0.50. If XRP breaks below the harsh support, it will fall much more to a low of $0.46.
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 current market rally has pushed the price bars between the moving average lines. This suggests that the altcoin will be compelled to move sideways between the moving averages. The next direction of XRP will be determined by breaking either the 21-day or 50-day SMA.
What Is the Next Direction for XRP (XRP)?
The cryptocurrency’s upward ascent has stalled as it challenges the $0.53 high. Since January 26, 2024, purchasers have been unable to sustain the price above the $0.53 high. If the cryptocurrency price retraces and remains above the moving average lines, the rising trend will restart. Otherwise, the altcoin will fall and revisit its prior low of $0.50.
The crypto signal will remain negative as long as the altcoin remains in the bearish trend zone.
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