XRP Price Prediction – Bulls Could Take Advantage Of Price Dip To Restart Rally
26 October 2023 - 4:38PM
NEWSBTC
XRP price is correcting gains from the $0.585 resistance against
the US Dollar. The bulls are active near $0.550 and might soon
initiate a new rally. XRP started a strong increase above the $0.55
resistance. The price is now trading above $0.525 and the 100
simple moving average (4 hours). There is a key bullish trend line
forming with support near $0.5520 on the 4-hour chart of the
XRP/USD pair (data source from Kraken). The pair might correct
further lower, but the bulls could remain active near $0.5320. XRP
Price Holds Ground After forming a base above the $0.478 level, XRP
started a fresh increase. The recent pump in Bitcoin and Ethereum
also dragged XRP higher. The price gained pace after it broke the
$0.525 resistance. There was a move above the $0.550 and $0.565
resistance levels. Finally, it traded to a new multi-week high at
$0.5859. Recently, there was a downside correction below the $0.575
level. The price declined below the 23.6% Fib retracement level of
the upward move from the $0.4778 swing low to the $0.5859 high. The
price is now trading above $0.525 and the 100 simple moving average
(4 hours). There is also a key bullish trend line forming with
support near $0.5520 on the 4-hour chart of the XRP/USD pair.
Source: XRPUSD on TradingView.com On the upside, immediate
resistance is near the $0.563 level. A close above the $0.563 level
could send the price toward the $0.585 resistance. If the bulls
remain in action above the $0.585 resistance level, there could be
a drift toward the $0.620 resistance. Any more gains might send XRP
toward the $0.645 resistance. Are Dips Limited? If XRP fails to
clear the $0.563 resistance zone, it could continue to move down.
Initial support on the downside is near the $0.5520 zone and the
trend line. The next major support is at $0.532 or the 50% Fib
retracement level of the upward move from the $0.4778 swing low to
the $0.5859 high. If there is a downside break and a close below
the $0.532 level, The price might accelerate lower. In the stated
case, the price could retest the $0.505 support zone. Technical
Indicators 4-Hours MACD – The MACD for XRP/USD is now losing pace
in the bullish zone. 4-Hours RSI (Relative Strength Index) – The
RSI for XRP/USD is now above the 50 level. Major Support Levels –
$0.552, $0.532, and $0.505. Major Resistance Levels – $0.563,
$0.585, and $0.620.
Ripple (COIN:XRPUSD)
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Ripple (COIN:XRPUSD)
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From Jul 2023 to Jul 2024