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XRP Price Analysis – October 12

XRP Price Analysis – October 12
XRP Chart by Trading View

XRPUSD Medium-term Trend: Bullish

Resistance Levels: $0.52, $0.54, $ 0.56                                                                                                               

Support Levels: $0.40, $0.38, $0.36   

Yesterday, the XRPUSD pair was in a bearish trend as the crypto’s price fell to a low of $0.40, but managed to recover. Today, the cryptocurrency is in a bullish trend. As a result, a bullish trend line was drawn to determine the direction of its potential movement, as shown in the lower time frame. As XRP makes a series of higher highs and higher lows, it will test and bounce back off of the trend line.

If it does, we expect its price to reach highs of $0.45 and $0.50. If it breaks through the $0.50 level, the cryptocurrency will resume its upward movement. In addition, the price testing the trend line is a buy signal. The bullish trend line can be considered terminated if the price breaks it and the following candle closes below it.

XRPUSD Short-term Trend: Bullish

XRP Price Analysis – October 12
XRP Chart by Trading View

On the short term, the cryptocurrency is in a bullish trend as represented in the chart. Nevertheless, XRP is still in a bearish zone as its price is below the exponential moving averages (EMAs). The Relative Strength Index period 14 is level 40 which indicates the crypto is in a sideways trend.

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

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