XRP Price Analysis – October 16
XRP/USD failed to hold the ground and retreated below $0.29. The coin looks strong as long as it stays above the moving average.
Resistance levels: $0.33, $0.35, $0.37
Support levels: $0.24, $0.22, $0.20
As the market opens today, Ripple’s XRP peaked at $0.297. The bulls stopped within a whisker of critical $0.301 and lost the initiative amid changing sentiments on the cryptocurrency market. At the time of writing, XRP/USD is changing hands at $0.282, down over 2.85% on a day-on-day basis and unchanged since the beginning of the day. Meanwhile, as RSI (14) moves below level 60, the price might visit the critical support levels at $0.24, $0.22 and $0.20.
Looking technically, XRP/USD is still trading within the ascending channel and above 21-day moving average on a daily chart, which is considered as a positive signal. If it is broken, the sell-off may be extended towards $0.270 strengthened by the lower boundary of the channel. This area is likely to stop the downside correction and trigger a new bullish wave that will take the price towards the resistance levels of $0.33, $0.35 and $0.37 respectively.
When compared with Bitcoin, Ripple’s price is hovering around 3544 SAT and well above the 21-day moving average as at the time of writing. More so, the RSI (14) still moves around the overbought and the bulls continue to push the price upward while the closest resistance levels lie at 3900 SAT and 4100 SAT.
Moreover, with the look of things, if the RSI (14) makes a U-turn and faces downward, the sellers may begin to drag the price towards the lower boundary of the channel which may likely cross below the moving average. The next level of support is located at 3100 SAT and the critical supports could be found at 3000 SAT and 2800 SAT.
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