Technical Analysis for Ripple for 4th October 2021
The Ripple Creator Fund Sparks Demand, XRP Powers above $1
Ripple Market Movers:
David Schwartz, Ripple's CTO, says the development team plans to upgrade the XRPL to include Federated Chains. XRPL will consequently support smart contracts, allowing for DeFi and NFTs.
Ripple has announced a $250 million Creator Fund to enable the exploration of smart contracts-enabled innovations, especially NFTs. The team believes the future will be tokenized.
Past Performance of Ripple (XRP)
Ripple prices have been hot and cold, reading from price action in the daily chart.
While traders are confident, expecting more upswings, XRP prices sunk for the better part of September.
At spot rates, XRP bulls are finding their footing. Still, the uptrend isn't guaranteed, considering the precedence set by bears in September.
For buyers to stamp their feet, there must be a sharp close above $1.20, hinting of demand and buy trend reversal.
What to Expect for Ripple (XRP)
Considering the strong upswing of late September and the follow-through over the weekend, buyers might push prices higher.
However, for the buying trend to be set, the uptrend should be with increasing trading volumes, with the psychological level at $1 acting as a strong support line.
Ripple Technical Analysis
XRP bulls are flowing back, bouncing from the 61.8 percent Fibonacci retracement level of the July to September 2021 trade range.
As prices trend above $1, bulls should continue fuel demand, solidifying the uptrend.
A close above $1.2 may lead to more participation, driving XRP back to $1.40—September 2021 highs. On the reverse side, rejection at $1—the 61.8 percent Fibonacci retracement of the September 2021 bear bar—may reinvigorate bears, angling for $0.85—or worse.
Disclaimer: Opinions expressed are not investment advice. Do your research.
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