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XRP Price Analysis for October 21

Fri, 10/21/2022 - 15:52
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Denys Serhiichuk
Has XRP reached oversold zone yet?
XRP Price Analysis for October 21
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bulls could not seize the initiative until the end of the day as all of the top 10 coins remain in the red zone.

Top 10 coins by CoinMarketCap

XRP/USD

XRP has turned out to be more of a loser than Bitcoin (BTC) as the price has dropped by 3.86%.

XRP/USD chart by TradingView

On the hourly chart, XRP has formed a false breakout of the support at $0.43804. At the moment, the price is located in the middle of a narrow channel, which means that one should not expect sharp moves until the end of the day.

XRP/USD chart by TradingView

On the daily time frame, nothing is clear yet as XRP keeps accumulating power for a further sharp move. If buyers want to get back in the game, they need to fix above the $0.46 zone.

Related
Ethereum (ETH) Price Analysis for October 20

Only, in that case, there is a possibility of seeing a midterm reversal.

XRP/USD chart by TradingView

From the weekly chart, XRP has made a false breakout of the support level at $0.43804. If the candle fixes above it, the bounce back may continue next week. If that happens, XRP can reach the $0.48 mark next month.

XRP is trading at $0.4457 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.