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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