XRP Commences Its Range as It Holds above $0.47

XRP (XRP) Long-Term Analysis: Bearish
XRP’s (XRP) price has fallen below the moving average lines as it holds above $0.47. The altcoin was rejected on October 3, which indicates that there is pressure to sell. The cryptocurrency dropped to a low of $0.47 on October 12 after breaching below the moving average lines. The selling pressure has decreased over the last four days as the altcoin begins consolidation above the $0.47 level.

At the time of writing, the price of XRP is $0.48. On the downside, XRP/USD will begin its range-bound move between $0.45 and $0.55 price levels if the existing support holds. On the other hand, if selling pressure persists and the current support is broken, XRP will further drop in price to a low of $0.45 or $0.42.

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 moving average lines are below the price bars, indicating bearish exhaustion for the crypto asset. The price couldn’t have fallen any lower thanks to the Doji candlesticks. On the 4-hour chart, the price bars for the altcoin are positioned between the moving average lines. It implies that the market will keep fluctuating in a range.

What Is the Next Direction for XRP (XRP)?
The cryptocurrency asset has rebounded as it holds above $0.47. The altcoin will likely continue to fluctuate between $0.45 and $0.55. The range-bound levels need to be broken after the price decrease on August 17. The price movement has been slowed down by the Doji candlesticks. These candlesticks demonstrate traders’ disinterest in the movement of the market.

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