The price trend of XRP has been declining during the past week, and there was a constant formation of lower lows. In the last 4 months, the coin price has been moving in a range-bound area of $1.02 and $0.59. The price could not breach the high of $0.91 even though the bulls had tried to push the coin up.
Yesterday, the XRP coin faced significant correction just like the mid-January. Currently, the XRP coin is trading in a similar trend. Hence, we can expect that in the current scenario, the price may reach $0.59, from where it may turn around to its highs. However, if XRP coin trades below the support line, a further downfall can be expected. To get clarity on the future of XRP, traders should explore the XRP forecast before entering into the trade.
There have been supportive bears volume on the daily chart, and the price can be expected to move downwards. The XRP price is moving below the 100-period moving average, and though the price was tested for an uptrend, it failed to rise, and the bearish candles were formed, which took the coin price towards its support level.
The MACD indicator reflects a bearishness, though the coin is already in the bearish zone with a considerable decline. The RSI indicator being 30 is in its oversold zone, and once the price reaches the support line, a turnaround can be expected. Investors can expect to enter the trade for a long-term investment once the coin reflects a trend reversal.
