XRP Surges 6% To Reach August Break Zone, Can The Bulls Overcome $0.28?

XRP Surges 6% To Reach August Break Zone, Can The Bulls Overcome $0.28?

Ripple (XRP) Price Analysis – October 7

Ripple’s XRP has seen a significant price increase of +6% over the past 24-hours, although the last few days’ trading, following the recent bullish move in the market. XRP is now priced at $0.27 while approaching the August break level. The crypto trading signals a bearish correction which is likely to end soon. Otherwise, the price of XRP may go parabolic.

Ripple (XRP) Price Analysis: Daily Chart – Bearish

Key resistance levels: $0.293, $0.32. $0.35
Key support levels: $0.25, $0.23, $0.22

Considering the descending wedge pattern, the Ripple’s XRP market is losing momentum on the daily chart while remaining in a bearish bias for the past four months. The price is now surging at the wedge’s resistance at $0.293 following the September 24 bounce off at $0.22. Meanwhile, the $0.32 and $0.35 resistance remains a breakout zone.

XRPUSD-Daily Chart-October-7

Looking at the RSI 50 break-up, there’s a high chance for a bullish run if the indicator continues to show strength. However, the crypto trading signals a bullish momentum in the Stochastic RSI but reaching the overbought territory. If the price oscillates downward, XRP may turn to near support at $0.25 and $0.23 to meet the lower white line. A further drop could roll the market down to $0.22 and below.

Ripple (XRP) Price Analysis: 4H Chart – Bullish

The price of XRP is reaching a confluence resistance at $0.28 on the 4-hour time frame after seeing a decent price growth under 12-hours. Nevertheless, the price of Ripple’s XRP is looking bullish inside the channel pattern (yellow). A rejection at $0.28 resistance may pull the price back to the channel’s support at $0.26 and $0.25 support before bouncing off.

XRPUSD-4H-Chart-October-7

A significant drive beneath the channel might send the market straight to short-term support at $0.23. The crypto trading signals an overstretched market on both the RSI and Stochastic RSI indicators to signal a potential sell. However, if the bulls continue to show strength, the price may reach $0.29 and $0.30 on the upside.

XRP SELL SIGNAL

Sell Entry: $0.28
TP: $0.251
SL: $0.29

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Author : Michael Fasogbon

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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.