Technical Analysis for XRPUSD for 24th October 2022
XRP Adds 7% in 3 Days at the Back of Solid Ripple Fundamentals
Past Performance of XRP
XRP prices are relatively firm, reading from the formation in the daily chart. All the same, bulls have failed to dominate though they have a better chance. As evident from price charts, buyers are in control. The coin is within a bullish breakout pattern with resistance at $0.55 and support at $0.40.
Ripple Technical Analysis
The path of least resistance is northwards, and XRP is within a bull breakout formation following gains of the fourth week of September. Notably, the failure of sellers to press lower means losses of the first half of October completed the retest. There was a double-bar bullish formation printing late last week with a clear bullish engulfing bar. This points to strength, mainly because the accompanying volumes were decent. Since prices are firm, aggressive traders can load on dips above the $0.43 to $0.45 zone, targeting $0.55 in the medium term. Unexpected sharp losses and unwinding gains of September 22 invalidate this preview.
What to Expect from XRP
Ripple fundamentals are solid, and XRP has been generating decent trading volumes. Therefore, the revival of prices and rejection of lower lows by the close of last week is a net positive. In a retest, aggressive traders found better opportunities, and the expected trend continuation may see the coin expand in the weeks 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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