- Ripple price trades at $1.1061 with a bullish bias in a choppy market.
- XRP continues to face technical weakness and fundamental uncertainty with the SEC case.
- A decisive break above $1.18 could see Ripple rally to tag new all-time highs.
Ripple has had a predominantly bullish fundamental event characterized by
The decreasing daily volume accentuates this bearish outlook. The XRP’s daily traded volume has been decreasing from $77.714 million on October 15, to $36.459 million on October 18 to the current volume standing at $15.065 million.
Decreasing trading volume points to decreased investor appetite in the token which is a bearish indicator.
Also note that the Moving Average Convergence Divergence (MACD) indicator sent a call to sell ripple signal yesterday. This happened when the 12-day Exponential Moving Average EMA (blue line) crossed below the 26-day EMA pointing to a negative market sentiment.
Can Ripple’s Bearish Outlook Be Invalidated?
For XRP bulls to regain control of the market, they need to push the Ripple price to close above the $1.14 resistance level. A clear bullish breakout will be achieved if XRP breaks above this point to close above the $1.18 major resistance level.
If this happen, Ripple will rise to tag the September 06 range high around $1.4387.
This bullish outlook is accentuated by the upsloping moving averages and robust immediate support provided by the 50-day SMA at $1.0823.
Moreover, the upward movement of the Relative Strength Index (RSI) away from the midline towards the overbought zone indicate that the bulls are currently in control of the XRP price.
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