The price of Ripple (XRP) has since recovered after falling below the critical support level of $2.00.

XRP long term analysis: bearish

The value of the cryptocurrency has fallen to a low of $1.95, but the bulls have bought the dips. XRP is climbing back to its initial highs.

On the upside, if the buyers keep the price above the moving average lines, XRP will return to its range between the $2.00 support and the $3.00 high. The current value of XRP is $2.12. The price indication on the weekly chart predicts a possible drop to a low of $1.06 or a Fibonacci extension level of $1.618. XRP is trading below the moving average lines but above the $2.00 support. The bearish scenario will be invalidated if buyers hold the price above the moving average lines.

However, the altcoin will fall and could break the key support at $2.00 if XRP price is rejected at the moving average lines.

XRP indicator analysis

The previous uptrend is indicated by the moving average lines on the weekly chart, which are sloping north. However, the price bars are in the area between the moving average lines. Once buyers push the price above the 21-day SMA, the uptrend will begin. The price bars on the daily chart are below the moving average lines, which are sloping downwards.

Technical indicators:  

Resistance Levels – $2.80 and $3.00

Support Levels – $1.80 and $1.60

What is the next direction for XRP?

XRP is currently trading in the downtrend zone, despite the slight upward reversal. The weekly chart shows a breach of the 21-day SMA support. The low of the negative momentum could be the 50-day SMA. The negative uptrend could continue if the key support at $2.00 is breached.

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 research before investing in funds.