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October 4, 2022
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With XRP below $ 0.60, recovery may still take some time

What to expect from XRP?

The XRP / USD pair regained ground after a strong settlement at $ 0.50 during the early Asian hours today. The XRP is currently changing hands at $ 0.54, as it has dropped 4.6% since the start of the day. Despite the recovery, the currency is still priced lower than yesterday. XRP now ranks seventh in the global cryptocurrency market ranking, with the current market capitalization of $ 25.7 billion.

The XRP has been hit hard by the recent settlement across the market, with the cryptocurrency price erasing the vast majority of the gains it has managed to make in recent months. In the meantime, a sustainable move above $ 0.60 is necessary to improve the technical staff and make the bullish ball roll towards the coin, as this resistance level has been tested, but each time, the bulls have always retreated.

The daily chart shows that the price recovery is limited by the 9-day moving average. This technical line has been tested as a support on several occasions. Once out of the way, the upper part is likely to gain strength with the next focus towards the $ 0.55 and $ 0.60 resistance levels. Support levels can be found at $ 0.40, $ 0.35 and $ 0.30, respectively.

When compared to Bitcoin, XRP continues to move around 947 SAT below the 9- and 21-day moving averages. After the currency reached its daily high at 1,043 SAT today, it subsequently declined below the moving averages. However, bears continued to control the market, as sellers continued to pressure.

XRP / BTC – Daily Chart

However, if sellers put more pressure, the price of the XRP could drop to 500 SAT and less. At the moment, the RSI (14) moves below level 45, as the market remains on the negative side of the channel, while resistance levels are located at 1500 SAT and above.

Source: Inside Bitcoins

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