Ripple (XRP) price analysis, October 22, 2020. For the past two days Ripple has been making a steady upward move. Today, October 22, buyers have retested the $0.26 overhead resistance but failed to break the resistance.
This has been the major market situation as XRP will be compelled to a range-bound movement between $0.24 and $0.26. Another implication is that sellers will sink the XRP by pushing it below the 21-day and 50-day SMAs if buyers fail to break above the overhead resistance.
For example, on October 13, the bulls were resisted at the overhead resistance and the coin slumped to $0.237 low. Today, XRP is trading above $0.25880 high at the time of writing. On the upside, a strong bounce above the current support will propel price to break the $0.26 overhead resistance. In the meantime, XRP price is sustained above the $0.25 high but below the overhead resistance.
XRP price breaks above the SMAs which suggest the rise of the coin. It also breaks above the resistance line of the descending channel. This indicates that the trend is likely to change as the bulls take control of the price. Ripple is in a bullish momentum as it is above the 40% range of the daily stochastic.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
Meanwhile, buyers are still attempting to retest the overhead resistance. From the price action, the coin was earlier resisted on October 13 but the last retraced candle body tested the 38.2% Fibonacci retracement level. This gives the impression that the coin will rise and reach level 2.618 Fibonacci extension or the high of $0.312.
Disclaimer. This analysis and forecast are the personal opinions of the author 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 funds.