Ripple Moves In A Range But Holds Above $0.38

Feb 24, 2023 at 08:41 // Price
Author
Coin Idol
Ripple price movement is no longer visible

Ripple (XRP) price is currently below the moving average lines.

Long-term forecast for the Ripple price: bearish

The price movement of XRP is choppy. The altcoin's price movement is no longer visible. Doji candlesticks, which have a small body and are indecisive, are used to describe price movement. Doji candlesticks keep the prices where they are right now. They indicate that both buyers and sellers are uncertain about which direction the market should move. The price bars are currently below the moving average lines, which could lead to a decline in XRP. However, the presence of small-scale indecisive candlesticks increases the possibility that the downtrend will continue indefinitely. The cost of XRP has remained constant since February 23.

Ripple indicator analysis

The relative strength index for the cryptocurrency value has fallen to the value of 48 for the period 14. The horizontal slope of the moving average lines indicates a movement within the range. Below 40 of the Relative Strength Index for the period 14, the altcoin is in a bearish momentum.

XRPUSD(Daily Chart) - February 24.23.jpg

Technical indicators:

Key resistance levels - $0.80 and $1.00

Key support levels - $0.40 and $0.20

What is the next move for Ripple?

Ripple's price is currently just above the $0.38 support. The doji candlesticks mean that the cryptocurrency asset is not trending. If there is a price recovery or breakout, the altcoin will develop a trend. Since the price bars are below the moving average lines, the selling pressure might increase.

XRPUSD( 4 Hour Chrt) - February 24.23.jpg

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

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