The price of Ripple (XRP) fell below the moving average lines and reached a low of $2.13.
XRP long-term analysis: bearish
The XRP is balancing precariously on the knife’s edge, trapped between an immutable floor at $2.00 and a stiff ceiling at $2.65. A sharp rejection was experienced on the 14th of May and wrote for Coinidol.com while bearish pressure grew stronger on the altcoin afterward. Brace for impact because going back down to that floor at $2.00 seems a growing probability.
The price of $2.00 has proved to be a height unattained for weeks. Given a sudden rebound back to that psychological level, it is a battle in the making by the buyers for holding.
XRP perches on the edge of a knife. A slide below $2.00 threatens to set it into a $1.61 ditch. But staunch defense of the $2.00 level can combine with a breach of the moving average resistance to drive an ascent in XRP towards $2.65.
XRP price indicators reading
XRP finds itself in a dive with the current bearish undertow. Being almost fully submerged below important moving averages, the price action points toward further falls. Yet, moving underholding the slump, moving averages hint at an upward moving momentum on its surface-the rise of a turning tide.
The preceding story is more or less bearish on the 4-hour chart: price stumbles through the maze of lower highs and lower lows, stubbornly having the moving averages as its shadow. A slight glimmer of hope arises on May 30: a long, defiant candlestick tail rammed down to the $2.13 support, then rebounded almost forcefully, hinting at there being some invisible army of buyers on the sidelines.
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 on the knife’s edge, flirting with the $2.00 mark. But its obituary is yet to be written. An upsurge of buyers in the limelight during these times will defend the level staunchly, raising a concrete barrier against further deterioration. It is like the last stand at the Alamo for the money aspect. Should XRP hold this wall, the buyer interest lying in wait will roar back immediately. Note that XRP has gone very deep into oversold territory, a sign that a buy-side stampede is just around the corner.
Heads up. This is not investment advice; this is just a crypto enthusiast stating his take on the market. CoinIdol.com is not endorsing anything here. Snorkel and research before you dive into the crypto pool!
Thanks for reading XRP Falls And Approaches The Important Support Level Of $200
