Technical Analysis for XRPUSD for 18th October 2021
Ripple Slowing Down as XRP/USDT Consolidates in a $0.20 Range, will Bulls Break $1.20?
Past Performance of XRP
The Ripple price is down four percent at press time versus the greenback. Even so, buyers are still in control despite the market-wide contraction.
From the daily chart, the $1 psychological support is critical in the short term.
How prices react at this mark would shape the coin's trajectory.
What to Expect of XRP
Technically, the XRP/USDT candlestick arrangement supports bulls. However, there are signs of weakness.
Most importantly, although the October 9 bull bar shapes the current price action, the failure by XRP buyers to close above the bar's high in trend continuation signal weakness.
Ripple sellers would flow back if XRP prices fall below $1.
On the flip side, a close above the bull flag and $1.20 may ignite demand for XRP buyers targeting $1.40.
Ripple Technical Analysis
XRP/USDT prices are still consolidating within a tight $0.20 zone.
While buyers are optimistic, losses below $1 may trigger a sell-off that may heap more pressure on Ripple bulls, invalidating the current retest.
In that case, XRP may sink to $0.85—around September 2018 highs—a critical reaction point.
Aforementioned, if buyers have the upper hand, closing above the resistance trend line and $1.20, Ripple may float to $1.40 in a buy trend continuation pattern confirming the bullish breakout of October 9.
Resistance level to watch: $1.20
Support level to watch: $1
Disclaimer: Opinions expressed are not investment advice. Do your research.