XRP Retreats From $0.55, Analyst Predicts Doom for Ripple: What’s Next?

XRP is down at press time, looking at the formation in the daily chart. Although there are high expectations that the seventh most valuable coin will overcome the current wave of resistance, sellers seem to be unyielding. From the daily chart, the immediate support is at $0.50—and this might be broken should sellers press on like they are doing. On the upper end, resistance is at $0.55. For the uptrend to resume, mirroring impressive gains from July to September, there must be a high volume spike, ideally above $0.66. However, there are few fundamental factors to spur growth in the short to medium term, casting doubt on the strength of bulls.

As XRP prices print lower lows, the coin remains bound inside a horizontal consolidation. At press time, it is down 2%, losing the same over the past week. Meanwhile, the average trading volume down, falling to $1 billion.

XRP Daily Chart for October 23

XRP and Ripple traders are tracking the following news developments:

  • Over 85% of all XRP traders are bullish despite the series of discouraging lower lows. If there is a contrarian move, prices could tumble sharply.
  • At press time, the rejection from the upper limit of the resistance could spell doom for holders. One analyst expects a strong pullback, forcing the coin toward the $0.40 region or lower.

XRP Price Analysis

XRP/USD is moving lower at spot rates and is stuck inside a horizontal channel.

As it is, the path of least resistance is northwards from a top-down preview.

However, for this to be validated, bulls must break $0.66.

In the short term, sellers dominate.

How prices pan out depends on the reaction at $0.50 or $0.55.

Losses below $0.50 will confirm the drop of early October, possibly forcing the coin to $0.45 or lower.

Meanwhile, a spike above $0.55 will boost optimistic traders as they angle for $0.66.

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ABOUT THE AUTHOR See More
Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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