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Ripple Price Prediction: $1.04 Support Crucial For XRP Bulls

Ripple XRP price FLR
Ripple XRP price FLR

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  • Ripple price trades at $1.1061 with a bullish bias in a choppy market.
  • XRP continues to face technical weakness and fundamental uncertainty with the SEC case.
  • A decisive break above $1.18 could see Ripple rally to tag new all-time highs.

Ripple has had a predominantly bullish fundamental event characterized by the Ripple CEO interview with Fox Business. Speaking to Fox Business’s Charlie Gasparino, Brad Garlinghouse, the Ripple CEO focused mainly in the ongoing SEC v. Ripple lawsuit. He was generally positive and resolute about the extended court drama.

Despite these positive sentiments, XRP/USD price failed to induce a bullish price action or positive response from buyers.

As such Ripple continues to trade in a choppy market since October 09 and is approaching a crucial cycle that could trigger a massive decline.

Ripple Price Technical Conditions Point To A Potential Sell-Off

Ripple price is currently trading at $1.1061 with a bullish bias. This is just above the last line of defense provided by the $1.04 support wall.

A closure below $1.04 would trigger massive sell orders that could see XRP price tag the 200-day Simple Moving Average (SMA) currently at $1.0246. A further decline could see the international remittances token drop below the $1 psychological level or drop further to tag the 100-day SMA at $0.9809 or the $0.84 support zone as shown on the daily chart.

XRP/USD Daily Chart

Ripple Price Daily Chart Oct 20
Ripple Price Daily Chart. Source: Tradingview

The decreasing daily volume accentuates this bearish outlook. The XRP’s daily traded volume has been decreasing from $77.714 million on October 15, to $36.459 million on October 18 to the current volume standing at $15.065 million.

Decreasing trading volume points to decreased investor appetite in the token which is a bearish indicator.

Also note that the Moving Average Convergence Divergence (MACD) indicator sent a call to sell ripple signal yesterday. This happened when the 12-day Exponential Moving Average EMA (blue line) crossed below the 26-day EMA pointing to a negative market sentiment.

Can Ripple’s Bearish Outlook Be Invalidated?

For XRP bulls to regain control of the market, they need to push the Ripple price to close above the $1.14 resistance level. A clear bullish breakout will be achieved if XRP breaks above this point to close above the $1.18 major resistance level.

If this happen, Ripple will rise to tag the September 06 range high around $1.4387.

This bullish outlook is accentuated by the upsloping moving averages and robust immediate support provided by the 50-day SMA at $1.0823.

Moreover, the upward movement of the Relative Strength Index (RSI) away from the midline towards the overbought zone indicate that the bulls are currently in control of the XRP price.

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