Ripple Technical Analysis – 2-October-2024
FxNews—Ripple (XRP) has been trading bearish from $0.662. The downtrend cooled near the September 26 low at $0.573. As of this writing, the XRP/USD pair trades at approximately $0.58, stabilizing below the 100-period simple moving average.
The 4-hour chart below demonstrates the price, support, resistance levels, and technical indicators utilized in today’s analysis.
Ripple Technical Analysis – 2-October-2024
The primary trend is bearish because the price of the cryptocurrency pair in discussion is below the 50- and 100-period simple moving averages. Additionally, the Awesome oscillator histogram is red below the signal line, meaning the bear market prevails.
Furthermore, the relative strength index indicator and the Stochastic oscillator are not oversold, depicting 23 and 35 in the description, respectively, meaning the downtrend can continue.
Overall, the technical indicators in the XRP/USD (Ripple) 4-hour chart suggest that the primary trend is bearish and should resume lower support levels.
XRP Price Forecast – 2-October-2024
The immediate support that kept the Ripple price from dipping further rests at $0.573. From a technical perspective, the downtrend will likely resume if the bears (sellers) close the XRP/USD conversion rate below $0.573.
If this scenario unfolds, the dip from $0.662 will likely extend to the September 16 low at $0.558. Furthermore, if the selling pressure pushes the Ripple price below $0.558, the next critical support or supply zone will be the September 10 high at $0.54.
Please note that the bear market should be invalidated if the Ripple bulls pull the price above the 100-period simple moving average.
Ripple Bullish Scenario – 2-October-2024
The immediate resistance lies at the 100-period SMA at $0.595, neighboring the broken ascending trendline. If bulls (buyers) drive the Ripple price above $0.595, a new bullish wave will likely emerge.
In this scenario, the pullback from $0.573 can potentially target the September 21 high at $0.612. Furthermore, if the XRP price exceeds $0.612, the bulls’ path to revisiting the September 2024 high at $0.662 could be paved.
- Also read: NZD/USD Technical Analysis – 2-October-2024
Ripple Support and Resistance Levels – 2-October-2024
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: $0.573 / $0.558 / $0.54
- Resistance: $0.595 / $0.612 / $0.662
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.