XRP's Unsuccessful Price Push Above $0.50
Despite several attempts to push the price above $0.50, XRP has been unsuccessful in stabilizing around this level. Technical analysis suggests that the cryptocurrency continues to challenge the $0.50 resistance, but has so far been unsuccessful i[...]
It seems that XRP just can't catch a break. Despite several attempts to push the price above $0.50, the digital asset has been unsuccessful in stabilizing around this level.
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The cryptocurrency continues to challenge the $0.50 resistance, but, unfortunately, to no avail. It’s failed to overcome this level three times in just as many weeks.
The asset is projected to extend to the next resistance level in the $0.66 to $0.69 range. This would be a significant move for the asset, and would open up the possibility for further gains in the future.
It is clear that the XRP price is in a bit of a precarious situation right now. If the support level at $0.42 is breached, then the bearish momentum could take over completely, potentially erasing the recent gains that have been made. This is something that investors will be closely watching in the days and weeks ahead.
The key support levels for the cryptocurrency are $0.42 and $0.33. The key resistance levels are $0.50 and $0.66.
Looking at the daily moving averages, it seems that the stock is slowly moving up.
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The cryptocurrency market is incredibly volatile, and prices are constantly fluctuating. However, after the most recent increase towards the resistance at around 2870 SATs, the market seems to be stabilizing somewhat, fluctuating within a symmetrical triangle. This could be a good sign for future price movements, although it is always difficult to predict what will happen in the ever-changing world of cryptocurrency.
The direction of XRP's price movement will likely be determined based on which side the triangle gets broken to. A break above the 2870 SATs resistance level would position XRP for another retest of that level. On the other hand, the first support lies at 2200 SATs (in green).
The main support levels for the SATs are 2200 and 1800, while the main resistance levels are 2870 and 3900. These levels are important to watch, as they could give clues as to where the market is heading next.
The post XRP Fails to Break Above $0.50 For the Third Time, Crash Incoming? (Ripple Price Analysis) by CryptoPotato on October 6th, 2020 suggests that the cryptocurrency XRP may be headed for a price crash.