XRP Price Prediction: Ripple back to $0.50 and then some
- XRP price retested an ascending trend channel and has since rallied higher.
- Ripple price most recent decline comes under low volume.
- Invalidation of the bullish thesis idea is a breach below $0.42.
XRP price shows promising signals for more upside price action. Key levels have been defined.
XRP price shows strength
XRP price is displaying optimistic signals during the final trading week of October. The bulls are forging retaliation after a weekend of declining price action since Monday's XRP price is up 4%.
XRP price currently auctions at $0.4671. Last week, the digital remittance token retested an ascending trend channel that acted as previous resistance in mid-September. The bulls successfully breached the barrier on September 19, and all sell-offs have come under relatively low volume.
XRP/USDT 4-Hour Chart
So long as the XRP price can remain above the ascending trend channel, the directional bias remains bullish. The bulls will likely target the 21-day simple moving near $0.50 in the coming days.
The uptrend thesis could become void if the bears breach the swing lows at $0.42. If the breach occurs, a further decline targeting $0.39 liquidity level stands a fair chance of happening. Such a move would result in a 15% 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
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
