Ripple Trades In Bullish Trend Zone And Targets $0.74

Oct 08, 2022 at 19:44 // Price
Coin Idol

The price of Ripple (XRP) is in a sideways movement above the moving average lines.

Long-term forecast for the Ripple (XRP) price: bullish

Today, buyers are pushing XRP to the resistance level at $0.55. A break of the resistance level will catapult XRP to the highs at $0.66 and $74, respectively. Nonetheless, the current upward movement encounters resistance at $0.50. The cryptocurrency could fall to the breakout level of $0.41 or above the moving average lines if buyers fail to overcome the resistance at $0.50 and $0.55. 

Currently, XRP is trading at $0.49 while falling back to the moving average lines. Selling pressure will resume if the price falls below the moving average lines.

Ripple (XRP) Indicator Analysis

XRP is rising and is at level 62 of the Relative Strength Index for the period 14. It is in the uptrend zone and is capable of further upward movement. The Ripple price bars are above the moving average lines, which allows for an increase. The altcoin is in a bullish momentum and above the 50% area of the daily stochastic.

XRPUSD (Daily Chart) - October 7, 2022.jpg

Technical Indicators

Key resistance zones: $0.40, $0.45, $0.50
Key support zones: $0.30, $0.25, $0.20

What is the next move for Ripple (XRP)?

Ripple is in an uptrend but struggling with resistance at the $0.50 and $0.55 price levels. Since September 23, XRP is still fluctuating below the resistance zone. In the September 23 uptrend, XRP corrected upwards when the candlestick tested the 50% Fibonacci retracement level. The correction suggests that XRP will fall to the 2.0 Fibonacci extension level or the low at $0.74.

XRPUSD (4 Hour Chart) - October 7, 2022.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 

Show comments(0 comments)