XRP Down 20% In 4 Weeks: Will Meme Coins Save Ripple Bulls?
XRP is printing encouraging higher highs, looking at price action in the daily chart. Even though traders expect more, the seventh most valuable coin is trapped in a bearish bar. Ripple bulls are confident, per CMC market sentiment data, but there is nothing much to show in the daily chart. The local support and resistance remain at $0.50 and $0.53 in the short term unless there is a clear close in either direction. Moreover, since bulls are yet to reverse recent losses, the path of least resistance is southwards.
The mix of consolidation and occasional dips places XRP bulls in a difficult position. Technically, there is no clear trend, and this chop means sellers of early October are still in control. To quantify, XRP is down 20% from September highs but stable over the last day and week. Overall, the coin is firm amid rising trading volume, now exceeding $1 billion.
How prices print in the short term can be influenced by the following XRP and Ripple news:
- The altcoin season is not yet in, analysts say. However, once buyers are in the equation and the rally starts, XRP could breach $1 and rally toward all-time highs.
- Yesterday, a user accidentally burned 10,000 XRP. The action, which took place on the XRP Ledger, is when meme coin trading is picking up on the blockchain.
XRP Price Analysis
XRP/USD are bullish, even with prices moving sideways.
The local support is $0.50 while resistance is at$0.53.
If bulls build on gains of the last few days, reversing October 25 losses, Ripple may break $0.55.
Before then, the path of least resistance is southwards.
Accordingly, risk on traders may consider shorting, targeting $0.45.
The only time this outlook changes is when prices fly above $0.55.
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