XRP Stabilizes Above $0.55 As It Approaches Bearish Exhaustion
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XRP (XRP) Long-Term Analysis: Bearish
The price of XRP (XRP) has dropped significantly as it approaches bearish exhaustion. Bulls, however, purchased the dips as the cryptocurrency managed to hold above the $0.55 support level. The cryptocurrency has been stabilizing above the present support for the last five days. The resistance at $0.56 and the 21-day SMA have further limited the upward rise today.
If the bears manage to break through the existing support, the cryptocurrency will drop to $0.50. However, the existence of Doji candlesticks casts doubt on the cryptocurrency’s ability to decline anymore. In addition, the lengthy tail of the January 3 candlestick suggests robust purchasing at a lower price point. XRP/USD is currently trading at $0.56 at the time of writing.
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 price bars are below the moving average lines, signaling an additional drop, after the previous market slump. The Doji candlesticks have relieved some of the selling pressure. The altcoin fell to the oversold region of the market. The moving average lines are descending by the current decline.
What Is the Next Direction for XRP (XRP)?
The altcoin is consolidating above the $0.55 support as it approaches bearish exhaustion. The altcoin’s price has been bouncing between $0.55 and $0.58 since January 3. The barrier at $0.56 has further halted the rising trend today.
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