XRP Price Analysis – October 17

Azeez Mustapha
  • The crypto’s price reached the high of $0.48 and is facing resistance.
  • The XRP price is not likely to break the $0.50 price level because the price has broken the trend line and the following candlestick closes below it.

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View

XRPUSD Medium-term Trend: Bullish

Resistance Levels: $0.50, $0.52, $ 0.54                                                                                                               

Support Levels: $0.46, $0.44, $0.42   

Yesterday, the XRPUSD pair was in a bullish trend approaching the $0.50 price level. Yesterday, the crypto’s price reached the high of $0.48. However, a bullish trend line is drawn to determine whether the cryptocurrency will break the $0.50 resistance level.  The understanding is that if it does, XRP price will gather momentum and resume its uptrend.

From the lower time frame, a bullish trend line is drawn touching the swing low and bodies of at least three candlesticks. The verdict is that  the XRP price is not likely to break the $0.50 price level - firstly, because the price is no longer trending on the bullish trend line. Secondly, a candlestick has broken the trend line and the following candlestick closes below it; thus terminating the bullish trend .

Meanwhile, the Relative Strength Index period 14 is level 52 which indicates that the crypto's price is in a sideways trend.

XRPUSD Short-term Trend: Bullish  

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View             

On the short term trend, the XRP price is in a bullish trend. Today, the cryptocurrency is approaching the $0.50 price level.  If the XRP price is resisted at the $0.50 price level, a short trade should be initiated and a stop loss above the $0.50 price level.

 

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