Market Analysis

RIPPLE PRICE ANALYSIS & PREDICTION (October 20) – XRP Taps Daily 7% Gains In The Middle Of Consolidation, Incoming Breakout?

While XRP remained neutral-bearish on the daily chart, it has managed to reclaim $0.5 in the latest surge and stayed calm above it. However, it currently looks trapped as it struggles to find a solid break out.

XRP has not seen a significant movement since it saw a sudden rejection at $0.422 in August. Instead, it entered a consolidation phase and subjected the trend to a sideways movement ever since. 

Meanwhile, it has reacted positively to the latest increase across the market as it has seen substantial gains in the past 24 hours. But things are not looking good for the asset as the price remains stalled under the $0.553 level that served as a solid resistance for some weeks now.

A notable increase above this solid resistance could activate an upward rally from a short-term perspective. But looking at the current daily candle, volume inflow is suggested insufficient at the moment. XRP may maintain a sideways trend if the daily candle fails to close above the mentioned resistance level.

However, if the price falls back, $0.45 is the key level to watch for a breakdown. Such a setup is capable of plunging the price into a dip. 

Having said that, the trend remains neutral-bearish on the daily chart with no attempt of a breakout at the moment. The price is still up by roughly 53% from its yearly low.

XRP’s Key Level To Watch

Source: TradingView

If XRP manages to push above the $0.55 resistance level, the potential level to watch for an increase is $0.59, followed by the $0.674 level cracked during August’s meltdown.

For a crackdown, the $0.46 level marks the first support to watch for a test. The next one to keep in mind is $0.42 – August’s low. There’s also support at $0.40 and $0.35 in case of more dips.

Key Resistance Levels: $0.55, $0.59, $0.674

Key Support Levels: $0.46, $0.42, $0.40

  • Spot Price: $0.516
  • Trend: Neutral-Bearish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.