The Price of Ripple (XRP)

The price of Ripple (XRP) recovered significantly and broke above the moving average lines on March 2. However, the bullish momentum was denied at the $3.00 high, and XRP slipped above the $2.00 support.

XRP Long-term Analysis: Bearish

Currently, buyers are attempting to keep the price above the moving average lines. The altcoin could rise to $3.00 if it breaks above these lines. Conversely, should buyers fail, XRP will trade below the moving average lines. Meanwhile, the price will fluctuate between the moving average lines and the $2.20 support, with XRP currently valued at $2.49.

XRP Indicator Analysis

XRP is trading in the bearish trend zone, as the price bars have fallen below the moving average lines, placing the altcoin at risk. The moving average is horizontally aligned, indicating movement between the support at $2.20 and the high at $3.00.

Technical Indicators:

• Key Resistance Levels: $2.80 and $3.00
• Key Support Levels: $1.80 and $1.60

What is the Next Direction for XRP?

Since its decline on March 3, XRP has been trading in a narrow range. The uptrend on the 4-hour chart is hindered by the $2.50 barrier. The altcoin could reach its previous high of $3.00 if it breaks through the initial barrier of $2.50. In the meantime, XRP is trading between $2.00 and $2.50.

Disclaimer: This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their own research before investing.