XRP Holds Above $0.54 and Starts Upswing

XRP Holds Above $0.54 and Starts Upswing

Jan 12, 2024, at 15:00 // Price

Since January 7, the price of Ripple (XRP) coin has been able hold above the $0.54 support level, indicating a recovery.

The altcoin has been pushed to the moving-average lines in anticipation of a positive trend.

The XRP Price Long-Term Forecast: Bearish

The cryptocurrency reached a peak of $0.62 before falling. Moving average lines limit the upward movement. XRP's price is currently $0.59.

If the price breaks over the moving average line, XRP's uptrend will resume. The cryptocurrency will continue rising and reach its previous highs of $0.67, and $0.75. The altcoin is expected to fall back down to its previous lowest price of $0.54, where there will be a lot of selling pressure.

Analysis of XRP indicators

XRP trades below the moving-average lines because buyers cannot sustain price bars above these lines. If the price bars remain below the moving-average lines, the altcoin is at risk of a drop. The movement of cryptocurrency price is also affected by the dominance of the price action.

Technical indicators

Key Resistance Levels - $0.80 & $1.00

Key Support Levels - $0.40 & $0.20

What's the next step for XRP?

After the price increase on January 3, XRP is now trading between $0.54 to $0.62. XRP has been falling and is approaching the lower price range. The price will be range bound if the altcoin retraces above the $0.54 resistance. If the bear breaks through the $0.54 resistance, the market will drop to the floor.

READ  Polygon Price Drops to $0.73 but recovers above that low

Coinidol reports that XRP fell below the moving-average lines last week and traded at $0.57 because of the depreciation.

Disclaimer. This analysis and forecast is the author's personal opinion and not a recommendation for buying or selling cryptocurrency. It should not be seen as an endorsement from Coinidol. Before investing in funds, readers should research the market.

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