XRP Crashes but Bounces back Above $2.30

XRP/USD Long-term Trend: Bearish

The price of XRP drops to $1.00 but bounces back above $2.30. XRP was trading sideways between the $2.70 support and the $3.20 resistance until it crashed. On October 2, the upward surge was halted by the $3.10 barrier, causing the cryptocurrency to fall below the moving averages. On October 10, XRP fell sharply to $1.00, but the bulls purchased the dips. The cryptocurrency asset retreated and then regained above $2.30.

XRP is currently trading in a range between the $2.30 support level and the moving average lines. However, the rally has come to a halt near the $2.60 high. On the upside, XRP will resume its bullish trend if buyers maintain the price above the moving average lines. XRP currently trades at $2.55.

Technical indicators

Key Resistance Levels: $2.50, $3.00, $3.50
Key Support Levels: $1.50, $1.00, $0.50

Daily Chart Indicators Reading:

On October 10, XRP fell quickly to a low of $1.00, leaving behind a long candlestick tail. The extended candlestick tail implies significant buying pressure at the $1.00 support level. The moving average lines slope horizontally, with the 21-day SMA below the 50-day SMA.

XRP/USD Medium-term Trend: Bearish

The cryptocurrency asset has recovered above the $2.30 support level on the 4-hour chart. Since October 10, the cryptocurrency price has fluctuated above the $2.30 support level but below the moving average lines. Today’s bullish momentum breached and finished above the 21-day SMA. The cryptocurrency price is consolidating above the 21-day SMA support, while the trend is being determined.

4- Chart Indicators Reading

The cryptocurrency price is trading above the 21-day SMA support but below the 50-day SMA barrier. On the upside, a break above the 50-day SMA will signify the continuation of the bullish trend. There is also a long candlestick tail across the $1.00 support, indicating strong buying interest at a lower price level.

General Outlook for Ripple (XRP)

The XRP price is recovering after falling to a low of $1.00, but bounces back above $2.30. The altcoin has risen above the $2.30 support level as it corrects upward. If the current support holds, the cryptocurrency will trade in a range of $2.30 to $3.20. Today, the positive momentum broke above the 21-day SMA, indicating that the cryptocurrency could rise. Meanwhile, the cryptocurrency signal will be good as long as buyers maintain the price above the moving average lines.

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