• XRP price shows a shallow pullback after a 10% countertrend rally.
  • The Relative Strength Index is now in the supportive territory after auctioning several days in oversold territory.
  • Invalidation of the bullish countertrend is a breach below $0.42. 

XRP price shows potential for more upside price action. Key levels have been defined.

XRP price shows rally potential

XRP price shows strength after a persistent week of bearish price action. After an 18% mudslide on the month, the bulls accomplished a 10% rally. The first pullback post-ascension is underway and remains at the current time shallow. There are a few other reasons to suggest that Ripple will rally higher,

XRP price currently auctions at $0.457. The digital remittance token now auctions while placed above the Relative Strength Index. This is a subtle cue of optimism as the XRP price has auctioned in oversold territory for nearly a week. Additionally, the volume remains exceptionally low when compared to previous sell-offs.

tm/xrp/10/23/22

XRP/USDT 4-Hour Chart

Based on the developing technicals, the bears could witness a battle for grounds near the $0.485 liquidity level. If the bulls can stabilize and find support above the recently rejected 8-day exponential moving average at $0.470, an additional rally as high as $0.500 could occur, resulting in a 15% increase in market value.

The countertrend's strength depends on the newly established swing low at $0.420 remaining unbreached. If the bears manage to tag the low, a decline targeting $0.390 liquidity levels could occur. Such a move would result in a 14% decrease from the current XRP price. 

In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team

 


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