XRP Slides to $0.52 as It Fails to Bounce
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XRP (XRP) Long-Term Analysis: Ranging
The XRP (XRP) price retraces above the moving average lines after as it fails to bounce. Since May 21, the crypto asset has been trading above the moving average lines, with bears threatening to short. In prior price action, buyers sought to keep the price above the moving average lines but were twice thwarted by resistance at $0.57.
Each time the altcoin dipped below the moving average lines, the bulls bought the dips. On the downside, bears are attempting to drive the price below the moving average lines. If the bears succeed, XRP will fall back to its prior low of $0.49. The price of crypto will rise and retest the $0.57 barrier level if the bulls defend the 50-day SMA. A break above the barrier at $0.57 would propel the coin to a high of $0.64. XRP/USD is currently worth $0.52.
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 XRP price bar remains above the moving average lines as it fails to bounce. The cryptocurrency’s upward ascent has been halted at its recent peak. This has resulted in the altcoin finding support above the 50-day SMA. However, altcoin risks decline if the bears breach the 50-day SMA. XRP will slip inside its range, hitting a low of $0.49.
What Is the Next Direction for XRP (XRP)?
The price of the crypto will rise and retest the $0.57 barrier level if the bulls defend the 50-day SMA. However, the altcoin has been trading in a limited range of $0.49 to $0.55 since April 30. Doji candlesticks have formed, causing the price movement to remain stationary. XRP’s crypto signal is range-bound since it keeps inside its range.
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