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XRP Price Analysis for October 5

Can bulls hold the rise of XRP for a long time?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The new week has started with a relatively positive mood on the cryptocurrency market. Almost all coins from the Top 10 list are green, except for Binance Coin (BNB) and Bitcoin Cash (BCH), whose rates have gone down by 0.03% and 0.23%, respectively.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The total market capitalization has also gone up as a result of the price rise of digital assets. In this case, the index has increased by $5 bln and is now at $340 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for XRP today:

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  • Name: XRP

  • Ticker: XRP

  • Market Cap: $11,264,071,455

  • Price: $0.249413

  • Volume (24h): $2,222,886,869

  • Change (24h): 6.45%

The data is relevant at press time.

XRP/USD: Can bulls fix above $0.25 at the current growth?

Last Saturday, the XRP price consolidated for a long time above the support level of $0.230 and, on Sunday, buyers increased in volume and the pair showed dynamic growth.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

Tonight, the pair broke through the $0.250 resistance and set a local maximum around the $0.253 mark. If the bulls manage to continue the rise, then, at the beginning of this week, the Ripple price may test the resistance of $0.280.

👉 MUST READ BTC, ETH and XRP Price Analysis for October 4related article image

However, yesterday's raid of buyers above the $0.250 resistance significantly warmed up the market, and now the Stoch RSI indicator lines have entered the overbought zone. The potential for continued growth remains, but if the bears resume pressure, the pair will again drop to the level of the two-hour EMA55.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

On the 4H time frame, XRP has made a false breakout of the $0.25 mark. Analyzing the chart, the rise has just started as XRP has accumulated enough power for growth. However, there is great potential to see a retest of the support channel at $0.2352. The current scenario is a part of the correction but not the start of a bearish trend.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

On the daily chart, the last candle confirmed the bullish trend. The buying trading volume is slightly increasing, which is a good signal for bulls. If the situation remains the same and liquidity rises, resistance at $0.2659 may be attained by mid-October.

XRP is trading at $0.2521 at press time.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com