What’s Next for Ripple (XRP) As It Climbs Above a Vital Level?
XRP price has battled over the last couple of days with the 90-day moving average (MA), failing to remain over the resistance level after each climb above it.
After the market correction on the 2nd of September, the Dow Jones Industrial Average, Nasdaq, and the S&P 500 have all achieved record highs, however, XRP’s price dropped by 27.8% from 0.304 to 0.2194 USD on the 24th of September. During this time, XRP has struggled to overcome both the 30-day simple moving average (MA) and the 90-day MA, showing that the 30-day MA is a solid resistance level, as well as the 90-day MA. Over several days, XRP has struggled to stay above the 30-day MA resistance level.
The 90-day MA was a vital support level since XRP’s price slumped on the 2nd of September. It has continued to rally alongside the support level. On the 17th of September, it struggled to test the 30-day MA and couldn’t even touch the line. Then the price of XRP dropped again. Both the 30-day MA and the 90-day MA became resistance levels. On the 24th of September and the 25th, XRP’s price battled to test the 90-day MA resistance level but failed. At this point, the price consolidated beneath the 90-day MA. When the price faced a resistance at the 30-day MA level, XRP’s price fell from the 30th of September to the 3rd of October.
On the 4th of October XRP rallied by 6.6% and hit the 30-day MA resistance level, as indicated by the purple line on the chart below.
Yesterday it was prepared to test the 90-day MA, as a solid resistance level, however, it pulled back. XRP then showed signs of weakness and could continue to see its price fall. In any case, the 30-day MA at a price of 0.2413 USD might be a support level now. XRP could consolidate beneath the 90-day MA and over the 30-day MA as well.
Yesterday, the whole crypto market saw a bit of an upswing. Bitcoin’s price action is testing the 90-day MA as well but has not overcome it as of yet, the vital resistance level for Bitcoin.
If the price of Bitcoin falls, we can anticipate that XRP’s price could end up in the same bearish trend and fall even further.
