Ripple price revived and jumped 7% within the day

Ripple price revived and jumped 7% within the day

Xrp Ripple Xrp News Today Xrp Price Prediction [February] – Xrp Ripple Jumps 15%

Contents

Ripple price revived and jumped 7% within the day
CONTENT

  • XRP rate is trading between long-term support and resistance at $ 0.235 and $ 0.325.

  • A breakout of an important resistance area is possible soon.

  • Price likely started wave 5 of a bullish impulse structure.

Ripple price revived and jumped 7% within the day

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XRP rose 7 +% on October 4, forming a bullish engulfing candlestick. The price has not yet broken through an important resistance area, but very soon it may do so.

Long term levels

Ripple (XRP) is currently trading above the $ 0.235 long-term support area. This area has been both support and resistance since September 2019.

On August 20, the price made its bullish breakout, forming a bullish engulfing candlestick on the chart and marking a high at $ 0.326. However, since the beginning of September, the pair began to decline and again tested the $ 0.235 area for strength..

Technical indicators are giving bullish signals. The RSI and the Stochastic Oscillator are both growing and showing no signs of bearish divergence. This promises the price a likely continuation of growth and, possibly, another test of the resistance area of ​​$ 0.325.

In case of further fall, the nearest support area will meet XRP at $ 0.18.

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XRP chart. Source: TradingView

Important resistance

XRP has been declining since August 17, when the price peaked at $ 0.326. The market formed a downward resistance line and the drawdown continued until the pair hit a low of $ 0.219 on September 24.

After that, XRP began to rise and has currently reached this resistance line and the $ 0.255 area, which previously played the role of support, but turned into resistance after the September fall. If the bulls manage to break above both of these barriers, we may see a vigorous rally towards the long-term resistance levels we highlighted at the beginning of the analysis..

Technical indicators are giving bullish signals. MACD signals a strong bullish divergence and is moving up, and the RSI index crossed the 50 mark from the bottom up, while the Stochastic Oscillator formed a bullish crossover.

All of this could potentially indicate that the pair will eventually make a successful bullish breakout..

XRP chart. Source: TradingView

Wave analysis

Cryptocurrency trader @ davecrypto83 Tweets XRP Chart Suggesting Price May Rise To $ 0.25.

Source: Twitter

Ripple price revived and jumped 7% within the day

In our previous analysis, we already wrote that long-term wave analysis may indicate the completion of wave 4 during the formation of the September 24 low. In this case, the price has already started wave 5 (black in the chart below), which will lead the market to $ 0.36.

This target can be determined by projecting the wavelength A (white) onto the B base, or by using the 4.61 Fib level of wave 1 (black), which is considered the maximum Fib level that wave 5 can reach as it expands..

A $ 0.213 decline below the wave 1 high will reverse this scenario.

XRP chart. Source: TradingView

If we are correct, then price has completed wave 1 of the bullish impulse structure (blue), and this will eventually lead to the completion of the aforementioned wave 5.

XRP chart. Source: TradingView

You can read the latest Bitcoin forecast here.

Disclaimer: Cryptocurrency trading involves a high level of risk and is not suitable for all investors. The opinion expressed in this forecast does not reflect the opinion of the editorial staff of BeInCrypto.

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