• The price of XRP is currently $0.2385 after a significant breakdown from an ascending triangle.
  • Amid the bearish continuation to $0.23, it seems that XRP has more room to slip even further.

XRP was bounded inside a daily ascending triangle for around one month. On October 28, Ripple's digital asset broke down from the pattern, losing the 50-SMA support level at $0.245 and experiencing a lot of bearish continuation in the next two days.

What is the next price target for XRP after the breakdown?

The breakdown of the daily ascending triangle is significant as the lower trendline was a robust support level, which coincided with the 50-SMA. On top of that, the MACD turned bearish simultaneously and it’s gaining strength, which indicates sellers still have more power. 

xrp price

XRP/USD daily chart

The next potential price target would be $0.2277, where the 200-SMA is currently established. A breakdown from this point can easily drive the price of XRP towards $0.21 using the height of the triangle pattern as a reference. 

xrp price

XRP 1-day and 3-day charts

However, as stated above, the 200-SMA support level at $0.225 on the daily chart will act as a healthy support level, especially considering that the 50-SMA on the 3-day chart coincides with it. Additionally, the 100-SMA at $0.236 on the 3-day chart is not lost yet and will serve as another support point. 

Looking at the other side of the picture

xrp price

XRP/USD 1-hour chart

On the other hand, observing the 1-hour chart, it seems that XRP is close to confirming an uptrend after establishing a higher low at $0.235 compared to $0.231, which gives the bulls some hope. Additionally, the MACD flipped bullish again, which adds up the strength to this theory. The price target of XRP in this range would be the 50-SMA at $0.2429. 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Ethereum attempts recovery following first rate cut in four years

Ethereum attempts recovery following first rate cut in four years

Ethereum is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds recorded $15.1 million in outflows.

More Ethereum News
Bitcoin offers diversity for traditional investors: BlackRock

Bitcoin offers diversity for traditional investors: BlackRock

Bitcoin (BTC) is trading above $60,000 on Wednesday following the release of BlackRock's latest white paper, which addresses some of the top crypto assets' unique advantages to investors compared to traditional asset classes.

More Bitcoin News
XRP pulls back 4% even as Ripple releases details of stablecoin RLUSD

XRP pulls back 4% even as Ripple releases details of stablecoin RLUSD

Ripple (XRP) shared details of its stablecoin project Ripple USD (RUSD) in a blog published on Tuesday. The cross-border payment remittance firm discusses relevant legislation and plans to support the digital asset economy through RLUSD. 

More Ripple News
Bitcoin traders keep powder dry ahead of Fed decision on interest rates

Bitcoin traders keep powder dry ahead of Fed decision on interest rates

Bitcoin retraces slightly, trading above $59,000 on Wednesday, as crypto markets brace for the upcoming interest-rate decision by the US Federal Reserve, which is expected to lower interest rates for the first time in more than four years.

More Bitcoin News
Bitcoin: On the road to $60,000

Bitcoin: On the road to $60,000

Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.

Read full analysis
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

BTC

ETH

XRP