FxNews—Ripple (XRP) flipped above the $0.54 resistance. Meanwhile, buyers are trying to stabilize the price above this level and the 50-period simple moving average.
The primary trend remains bearish because XRP/USD trades below the 100-period SMA. However, the recent development in XRP’s price made investors optimistic about the value of this crypto, which could surge higher.
The 4-hour chart below demonstrates the price, support, resistance levels, and technical indicators utilized in today’s analysis.
Ripple Technical Analysis – 15-October-2024
The primary trend is bearish because XRP/USD trades below the 100-period simple moving average. Additionally, the Awesome Oscillator’s recent bar turned red, meaning the uptick momentum from the October 3 low at $0.503 weakens.
Furthermore, the Relative Strength Index (RSI 14) indicator hovers above the median line, which implies that the price could rise. In addition to RSI 14’s signal, the Stochastic depicts 74 in the description, conveying that XRP is not overvalued and the uptrend has the potential to extend higher.
On the other hand, candlestick patterns provide bearish signals. The 4-hour chart formed a ‘shooting star’ candlestick, suggesting the bear market could take control again.
Overall, the technical indicators suggest the primary trend is bearish and should resume, but the break from $0.54 could start a new bullish trend.
Ripple (XRP) Price Forecast – 15-October-2024
The immediate resistance is at the 100-period SMA, which is neighboring the September 16 low at $0.56. For the uptrend to resume, bulls must close and stabilize Ripple’s value above $0.56.
If this scenario unfolds, the uptick from $0.5 could extend to the AB wave’s %50 Fibonacci retracement level at $0.585.
Please note that the bullish outlook should be invalidated if XRP dips below the immediate support at $0.54 or the 50-period SMA.
Ripple (XRP) Bearish Scenario
If bulls (buyers) fail to surpass the $0.56 immediate resistance, XRP will likely fall below the $0.54 immediate support. In this scenario, today’s bearish momentum will likely extend to the October 3 low at $0.507.
Ripple (XRP) Support and Resistance Levels – 15-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: $0.54 / $0.507
- Resistance: $0.56 / $0.572 / $0.585
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
