XRP Trades In Red During The Market Uncertainty
October 23 2022 - 08:43PM
NEWSBTC
SEC-battled XRP trades in the red zone despite other top coins
enjoying significant gains as the crypto market finally gets some
breathing space. October started out rough for top coins despite
the month being known as favorable for the market. Most top coins
traded in the red zone, while others, including XRP, suffered
massive volatility. The Uptober spirit seemed to fall on XRP
the day before when it recorded some gains. However, the momentum
didn’t last long as XRP is now down 1.44% in the last 24 hours.
There is still hope for XRP thanks to bullish news from its ongoing
case with the SEC. With more firms signing up as amicus curiae, the
bulls might leverage this advantage to push the XRPs price further.
Related Reading: Data: Bitcoin Whales Who Accumulated At $18k Have
Continued To Hold Strong XRP Trades Red Amid Rough Week The
cryptocurrency market had a rough start to the week. But while most
top coins have experienced measurable turnarounds, XRP has been
left behind. XRP is currently trading at $0.45, representing a
decrease of about 1.44% over yesterday’s close. This adds to its
rough 7-day chart that sees XRP losing almost 5.17%. XRPs daily
loss is still a sign that the bears have not given up yet. There
might still be some fighting left before the end of the month.
However, if there is any good news coming down the pipeline, we
will see XRP continue to climb higher. XRP Falls Back To
$0.45 Support Line XRP tried testing new resistance lines the day
before but fell back to its $0.45 support level. The coin tested
$0.47 yesterday, the first time since last Thursday that it reached
this level. However, it failed to break through, instead falling
back to $0.45. Resistance is Still Present Despite The
Breakout Past The Trendline Just before the time of writing, the
trendline resistance (white) of the previous 10 days was broken.
But the $0.45 area was a formidable zone of support and resistance
in the short term. Also, the short-term structure of the market was
due for a correction. Related Reading: The Other Side Of The Do
Kwon Story: Fat Man Terra Visits Laura Shin Even yet, the RSI
reading has gone over 50, which indicates that the relative
strength is increasing. Coincidentally, the Chaikin Money Flow
(CMF) indicator has been positive for over a week. This indicated
that substantial capital input was observed at lower time
intervals. On the daily chart, the market structure remained
bullish. But if the market ends the day at less than $0.44, that
would change. Highs for XRP between May and September were at the
$0.422 mark. Thus, a return to this zone may trigger a powerful
bullish reaction. However, if Bitcoin had a sharp decline below
$18.6k, XRP’s value would most certainly drop below $0.42 as well.
In light of this, the price of the coin may drift gradually lower,
potentially reaching $0.34 in the coming weeks. Featured image from
Pixabay and chart from TradingView.com
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