Ripple is up over 10% and it spiked above $0.3000 against the US Dollar. XRP price is showing positive signs and it is likely to continue higher towards $0.3100 and $0.3200.
- Ripple is showing a few bullish signs above $0.2700 and $0.2800 against the US dollar.
- The price is trading nicely above the 100 simple moving average (4-hours), but it is facing hurdles near $0.3000.
- There was a break above a major bearish trend line with resistance near $0.2700 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to rise towards $0.3200 if there is a close above the $0.3000 level.
Ripple’s XRP Price Surges 10%
After forming a base above the $0.2500 level, ripple’s XRP price started a fresh increase. The price settled above the $0.2650 level to move into a short-term bullish zone.
Recently there was a decent upward move in bitcoin and Ethereum, opening the doors for a surge in XRP above $0.2720. There was also a break above a major bearish trend line with resistance near $0.2700 on the 4-hours chart of the XRP/USD pair.
The pair rallied above $0.2800 and the 100 simple moving average (4-hours). The price even spiked above the 61.8% Fib retracement level of the downward move from the $0.3305 swing high to $0.2396 low.
Source: XRPUSD on TradingView.com
However, the price failed to surpass the main $0.3100 resistance level. It also failed near the 76.4% Fib retracement level of the downward move from the $0.3305 swing high to $0.2396 low. The price is currently dipping, but there are high chances of a fresh increase above $0.3000.
A close above the $0.3000 level may possibly increase the chances of a push above the $0.3100 resistance. The next major resistance is near the $0.3200 level.
Fresh Dip in XRP?
If ripple fails to climb back above $0.3000, it could correct lower. An initial support is near the $0.2800 level and the 100 SMA (H4).
A downside break below the $0.2800 support zone could open the doors for a push towards the $0.2700 support. The next major support is near the $0.2620 level and the broken trend line.
4-Hours MACD – The MACD for XRP/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.
Major Support Levels – $0.2800, $0.2700 and $0.2620.
Major Resistance Levels – $0.3000, $0.3100 and $0.3200.
Ripple may stay sideways: Elliott Wave analysis
Ripple, XRPUSD is still good, but now that it didn’t manage to break above channel resistance line and that some ALTcoins are already at the resistance, then we have to be aware of more complex correction in wave B/2, until we see broken 1.18 bullish confirmation level. Maybe we will see more sideways price action or maybe even a retest of 1.00 – 0.85 support zone.
Ripple 1h Elliott Wave analysis
Ripple is nicely recovering in the 4-hour chart as expected and looks like it’s trying to break above channel resistance line that can push the price at least up to 1.25 – 1.40 area for wave (C) or maybe even up to 1.5 – 1.7 area for wave (3). Keep in mind that price may also stay sideways., so invalidation level remains at 0.85.
Ripple 4h Elliott Wave analysis
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Ripple Forecast and XRP/USD Analysis October 22, 2021
XRP/USD are trading at 1.1195 and continue to move within the correction and bearish channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $52,000,913,021. Moving averages indicate a short-term bullish trend for Ripple. Prices are again pushing the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the rise in the XRP rate in the market already from current levels. At the moment, we should expect an attempt to develop asset growth and test the resistance level near the 1.1305 area. Further, a rebound downward and the continuation of the fall of the cryptocurrency to the area below the level of 0.8655.
Ripple Forecast and XRP/USD Analysis October 22, 2021
In favor of falling XRP/USD quotes, a test of the resistance line on the relative strength index (RSI) will come out. The second signal in favor of a decline in asset quotes will be a rebound from the upper border of the descending channel. Cancellation of the option of falling cryptocurrency will be a strong growth and closing of quotations above the level of 1.2805. This will indicate a breakdown of the resistance area and a continued rise in XRP/USD to the area above the level of 1.5005. Confirmation of the fall in the digital currency rate will be a breakdown of the support area and closing prices below 0.9705.
Ripple Forecast and XRP/USD Analysis October 22, 2021 implies an attempt to test the resistance level near the 1.1305 area. Where can we expect the cryptocurrency to continue falling with a potential target at the level of 0.8655. An additional signal in favor of a decline in Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling quotations will be a strong growth and a breakdown of the 1.2805 area. In this case, we should expect a continuation of the rise in the digital currency with a target above 1.5005.
Ripple CEO Claims Ether Surpassed XRP Because of SEC
Ether took XRP’s second spot because of the SEC, says Ripple CEO Brad Garlinghouse
During his appearance at the DC Fintech Week virtual conference, Ripple CEO Brad Garlinghouse opined that the regulatory clarity that Ether, the second-biggest crypto, has received from the U.S. Securities and Exchange Commission allowed it to surpass XRP:
Within the last few years, XRP was the second most valuable digital asset. As it became given that the SEC had given a hall pass to ETH, ETH has obviously kind of exploded…That clarity has helped.
Garlinghouse adds that market forces are supposed to determine winners and losers instead of regulators.
In December 2017, XRP became the second-largest crypto but it has since slipped to seventh place.
Ether is now firmly in second place, with its market cap recently surpassing that of banking giant JPMorgan.
Garlinghouse slammed Gary Gensler for refusing to answer whether the rival cryptocurrency is a security, adding that the existing securities laws are outdated:
If laws are so clear, then let’s just say the answer to these questions.
He also praised “Twitter sleuths” who are busy dissecting the SEC’s case against Ripple.
The Ripple boss has reiterated his oft-repeated claim about the lack of clarity in the U.S. He also said that the company had signed zero new customers in the States due to regulatory headwinds, but this didn’t stop the company from expanding worldwide:
We are growing a lot more outside the United States.
China’s hostile stance toward crypto also doesn’t make a lot of sense in the long run, according to Garlinghouse.