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Ripple Faces Selling Pressure as It Risks a Decline to $0.41 Low

Date:

Oct 15, 2022 at 09:20 // Price

The price of Ripple (XRP) is trading in the uptrend zone as buyers continue to test the $0.55 resistance. Buyers intend to continue upward by breaking the current levels.

Each time the resistance is retested, the market would fall above the $0.43 and $0.44 price levels. At the time of writing, XRP is trading at $0.50. If buyers overcome resistance at $0.55, XRP will rise to the high of $0.66. Conversely, if XRP is rejected at the resistance zone, it could fall and drop below the 21-day line SMA. Bearish momentum will extend to the breakout level of $0.41.

Ripple indicator analysis

The Relative Strength Index for the 14 period is stable at 58 due to the fact that XRP has been consistently trading in the uptrend zone. Moreover, the cryptocurrency could continue its uptrend as the price bars are above the moving average lines. However, the cryptocurrency might decline as it is above the 80% area of the daily stochastic. The moving average lines are sloping upwards, which indicates an uptrend.

XRPUSD(_Daily_Chary)_-_October__14.png

Technical indicators

Key Resistance Zones: $0.40, $0.45, $0.50


Key Support Zones: $0.30, $0.25, $0.20

What is the next move for Ripple?

Ripple has already fallen into the oversold area at $0.43 and has reversed. However, the upside correction is rejected in the overbought area. Since September 23, XRP has been trading in the uptrend zone, fluctuating between the price levels of $43 and $0.55.

XRPUSD(_4_Hour_Chart)_-_Octoberr_14.png

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing.

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