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Ripple Technical Analysis: Despite Declining Development Activity, XRP Price Displays Bullish Momentum

Ripple Technical Analysis

Key Takeaways:

Current Price $0.4985
Market Cap $24.93 billion
Circulating Supply 49.96 billion
Total Supply 100 billion
Vol (24H) $2.95 billion
Change (7D) +2.49%

Technical Analysis for October 2022

The XRP price has been progressive since the beginning of the month and is expected to maintain a firm upswing until the end. The token soared from the 0 FIB level at $0.32 and reached the 0.618 FIB level at $0.52. Failing to surpass these levels, the token is hovering between 0.618 & 0.382 FIB levels. 

However, with a rebound, the prices are expected to clear the upper resistance and head towards 0.786 FIB levels at $0.57. This move may further trigger a price rise beyond $0.6 and eventually reach the 1 FIB level at $0.64 by the end of the monthly trade. 

Technical Analysis at a Glance

The XRP price was trading very close to $1 a couple of months earlier, but the market collapsed in May, dragging the price below $0.3. Since then, the token has been trying to ignite a parabolic recovery to regain the lost levels. Presently, with the advancement of the Ripple vs SEC lawsuit, the market sentiments are turning in favour of bulls. 

Hence, a significant upswing is expected to continue for some more time.

Short-Term Ripple just rose from the bottom and hence may continue surging to reach immediate resistance at the earliest. 
Mid-Term The XRP price is trying hard to flip from the bearish divergence and hence a rebound may soon uplift the price in the upcoming days
Long-Term As mentioned, the token is carrying out a parabolic recovery to reach the neckline  

Technical Indicators & Pivot Levels

Indicator Value (STF/HTF) Action (STF/HTF)
Relative Strength Index(RSI) 52.56 / 52.68 Neutral / Neutral
MACD -0.02 / -0.045 Sell / Sell
Average Directional Index(ADX) 23.39 / 43.23 Buy / Buy
Ultimate Oscillator 59.43 / 64.45 Buy / Buy
Bull-Bear Power 0.0215 / 0.13 Buy / Buy

Pivot Levels

Moving Average Short Term Long Term
MA 5 $0.486 $0.470
MA 10 $0.482 $0.409
MA 20 $0.490 $0.382
MA 50 $0.496 $0.615
MA 100 $0.482 $0.710
MA 200 $0.420 $0.491

Ever since the past couple of weeks, the market sentiments for Ripple have been coiling up as the platform experiences a growth in the buying pressure. Hence, positive growth may be expected with the XRP price for the next couple of days as the RSI has reached the average levels and continues to be neutral in both time frames. The MACD is still bearish in STF & HTF but may flash a bullish signal. 

Additionally, all the other prominent indicators are bullish, which indicates the strength of the rally is increasing. Also, the growing dominance of the bulls may offer the price the required boost to reach the required levels at the earliest. 

How are the on-chain metrics faring?

Source: Santiment

Source: Santiment

Source: Santiment

Ripple (XRP) Technical Analysis for Short Term

Source: Tradingview

Ripple (XRP) Technical Analysis for Long-Term

Source: Tradingview

Where & How to Buy Ripple(XRP)?

Buying or selling Ripple (XRP) and any of your desired crypto assets are simple & secure on CoinDCX. All you need to do is follow the below-mentioned steps,

  1. Download the CoinDCX App on your smartphone
  2. Enter the details and register yourself
  3. Complete the KYC 
  4. Once your profile is verified, fun your wallet and buy XRP


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