XRP Price Analysis – October 10

Azeez Mustapha
  • The XRP price is likely to revisit its September 25 low at $0.45.
  • The XRP price now ranges below the $0.50 price level for the past five days.

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View

XRPUSD Medium-term Trend: Bearish

Resistance Levels: $0.59, $0.61, $ 0.63                                                                                                                

Support Levels: $0.45, $0.43, $0.41

The XRPUSD pair has been bearish in the last 24 hours. The price of the digital currency is still falling. On October 6, the XRP price fell and broke the $0.50 price level. The XRP price has been ranging below the $0.50 price level for the past five days. The cryptocurrency ought to break the $0.50 price level so as to resume its uptrend. If it fails to break the resistance level then the cryptocurrency will revisit its September 25 low at $0.45. 

However, if the price reaches the oversold region of the market, traders should look out for buy setups to initiate long trades. Meanwhile, the XRP price is neither below nor above the 12-day EMA and the 26-day EMA which indicates that the price is in a sideways trend zone. The MACD line and the signal line are above the zero line which indicates a buy signal. 

XRPUSD Short-term Trend: Bearish 

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View         

On the 4-hour chart, the XRP price is in a bearish trend. The XRP price is below the 12-day EMA and the 26-day which indicates that a bearish trend is ongoing. Nevertheless, the Relative Strength Index period 14 is level 35 which indicates that the market is oversold signaling bears' exhaustion and suggesting bulls are likely to take control of the market.      

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.