XRP Technical Analysis Report | 20th-October-2022

XRP rallied and closed above the 20-day EMA ($0.47) on Oct. 17, but the bulls failed to take advantage of it. This indicates that bears are selling on rallies. The price declined sharply and slipped below the 20-day EMA on October 18th. Selling intensified and the XRP/USDT pair fell to the triangle support line. This is an important level to watch for in the short term as a break below it could sink the pair to $0.41. On October 18, Ripple unveiled the second wave of creators who will receive funding for their NFT projects through the Ripple Creator Fund. The price of the asset has fallen marginally by less than 1% while the volume has risen 11.6%.

At the time of writing, XRP was trading at $0.4590

XRP Chart | 20th October 2022
XRP Chart

XRP after making the low of $0.2872 started consolidating in a range from $0.3 to $0.4 for almost three months. The asset finally gave a breakout on the upside and rallied up to $0.5590. The prices failed to sustain and close above the key resistance of $0.55 (Horizontal Trendline) and witnessed a profit booking as it dropped to $0.415. Post this move, XRP is trading in a range forming a ‘Symmetrical Triangle’ pattern. Breakouts on either side of the pattern with good volumes will further decide the trend for the asset.

Support 2Support 1AssetResistance 1Resistance 2

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