XRP Price Analysis – October 31
XRP/USD faces rejection at $0.24 high, as the coin resumes selling pressure. A break below $0.23 support may extend selling pressure to the $0.22 low. Perhaps, if the support holds, the range-bound movement will be narrowed between $0.23 and $0.24. Similarly, the XRP/BTC is in a downward move and selling pressure is likely to continue.
Resistance Levels: $0.24, $0.26, $0.28
Support Levels: $0.22, $0.20, $0.18
Ripple is range bound between $0.23 and $0.26 since October 5. However, the current upward move is facing resistance at $0.24 compelling the coin to resume downward move. If sellers push the price to $0.23 support and it holds, buyers will attempt to push the price upward to resume the sideways move. This in effect will increase the chances of the sideways move. Conversely, if the bears break the $0.23 support, this will ensure the coin resumes a downward trend to the previous low at $0.22.
Nevertheless, the Fibonacci tool analysis has indicated that XRP will decline and retrace at the $0.2305 support. On October 26 downtrend; the retraced candle body tested the 61.8% Fibonacci retracement level. This implies that XRP will decline to level 1.618 Fibonacci extensions or $0.2305 low. Buyers have been buying the dips at this level.
Ripple (XRP) Indicator Analysis
Ripple price bars are below the SMAs which suggests that the coin is falling. The 21-day SMA acts as a resistance to XRP. The daily stochastic indicator is contrary to price action. The stochastic is indicating that the coin is in a bullish momentum while the price action indicates bearish signals.
In the case of XRP/BTC, the crypto has been in a downtrend. The coin is likely to make a further downward move on the downside but it is already in the oversold region of the market. The crypto is below the 20% range of the daily stochastic. Buyers are likely to emerge push prices upward.