Ripple Encounters Rejection And Returns To The Range Below $0.55

Oct 27, 2023 at 10:08 // Price
Coin Idol
Ripple has returned to its previous price range

The latest price analysis by report, Ripple (XRP) returns after reaching the overbought level at $0.58.

XRP price long-term forecast: bullish

The long wick of the candle indicates significant selling pressure in the overbought zone of the market. Nevertheless, further XRP gains are speculative. As a result, the cryptocurrency value is bearish. At the time of writing, XRP/USD is trading at $0.55087. If the bears drop below the $0.55 support, the altcoin could fall back to the previous range zone.

The current support level will become a resistance level if the bears break it. Since August 17, the cryptocurrency has been trading in a narrow range between $0.45 and $0.55. The altcoin could fall even further if it loses its current support level. The positive trend will continue if the current support level holds.

XRP indicator analysis

XRP price bars are still above the moving average lines after a minor retracement. The moving average lines are horizontally flat as the cryptocurrency continues its movement within a certain range. The moving average lines in the lower time frame are sloping upwards, indicating the previous uptrend.

XRPUSD_(Daily Chart) – OCT. 27.23.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 XRP?

The XRP price has fallen below the 21-day SMA on the 4-hour chart and could fall further to the 50-day SMA. Before the recent plunge, buyers tried desperately to keep XRP above the $0.56 high but were beaten back. The cryptocurrency has returned to its previous price range of $0.45 to $0.55.

XRPUSD_ (4 Hour Chart) – OCT. 27,23.jpg

As we reported on October 21, the altcoin reached a high of $0.53. The current positive momentum is expected to reach a high of $0.56, but will face resistance at a high of $0.55. 

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 Readers should do their research before investing in funds.

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