Technical Analysis for XRPUSD for 3rd October 2022
Ripple Remains Bullish but XRP Upsides Limited at $0.55
Past Performance of XRP
The ongoing SEC case has largely influenced the recent performance of XRP prices. From the XRPUSDT daily chat, buyers have the upper hand. Technically, XRP is within a bullish formation and trading above $0.40 with decent trading volumes. Of note, even as the broader crypto market contracted, XRP bulls have been firm, rejecting any attempt lower. Therefore, as long as prices are trading above $0.40, buyers are still in control.
Ripple Technical Analysis
The immediate trend is bullish, and XRP is within a bullish breakout formation. The September 22 bull bar sets the trend in the near term. Therefore, from an effort-versus-result perspective, traders may begin looking for entries on every pullback, targeting September 2022 highs at $0.55. Further gains may see XRP expand to $0.60, retesting Q1 2022 lows. In anticipation, and with the trend set, traders could ramp up on the current retest, accumulating as they wait for the ride up. This preview, nonetheless, is only valid if prices are above $0.40. If there are deeper losses, the breakout formation will be nullified.
What to Expect from XRP
Conservative traders may stay on the sidelines until there are gains above September highs. Then, there would be no doubt about the upside's momentum. How prices react at, or around, $0.40 would signal whether buyers or sellers have a go-ahead.
Resistance level to watch: $0.55
Support level to watch: $0.40
Disclaimer: Opinions expressed are not investment advice. Do your research.
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