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October 5, 2022
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Ripple (XRP) signals possible retest at $ 0.35

Ripple’s XRP price is showing positive signs

There was a strong increase in XRP price after the currency broke the $ 0.3000 resistance. The price rose above the $ 0.3100 and $ 0.3200 resistance levels, but struggled close to the $ 0.3300 level.

A high was formed near $ 0.3302 before the price was corrected downwards with the fall of Bitcoin. He broke the support of $ 0.3100 and went below $ 0.2900. Meanwhile, the bulls defended the $ 0.2800 zone and the simple moving average of 100 (4 hours). A low is formed near $ 0.2811 and the price is currently consolidating into a range.

It rebounded above the 23.6% Fib retracement level of the downward movement, from a high of $ 0.3302 to a low of $ 0.2811. There is a key contraction triangle forming with resistance close to $ 0.3000 on the 4-hour chart of the XRP / USD pair.

Source: XRP / USD per TradingView.com

The triangle’s resistance is close to the 50% Fib retracement level of the downtrend from $ 0.3302 high to $ 0.2811 low. A successful break above the triangle’s resistance may possibly require a break above the $ 0.3100 resistance.

A successful close above $ 0.3000 and $ 0.3100 could open the door to a steady bullish run. The next hurdle may be $ 0.3300, above which the price may test $ 0.3500.

Can XRP sink?

If XRP fails to break the resistance levels of $ 0.3000 and $ 0.3100, it can correct for the low. The first major support is close to the $ 0.2880 zone and the SMA 100 (H4).

A break below the triangle’s trend line, $ 0.2850, and SMA 100 (H4) could accelerate losses. In the indicated case, the price could fall sharply towards the $ 0.2600 support zone in the short term.

Technical Indicators

4-hour MACD – The MACD for the XRP / USD pair is showing positive signs in the bullish zone.

4 hour RSI (Relative Strength Index) – The RSI for the XRP / USD pair is now above the 50 level.

Key support levels – $ 0.2880, $ 0.2850 and $ 0.2600.

Main resistance levels – $ 0.3000, $ 0.3100 and $ 0.3500.

Source: NewsBTC

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