XRP Price Analysis – October 12
XRP/USD consolidates in a flag formation as bulls attempt to break above the ascending channel.
Supply levels: $0.32, $0.34, $0.36
Demand levels: $0.22, $0.20, $0.18
XRP/USD bulls have taken control of the daily price chart following two straight bearish days and are attempting to break above the trending line of the ascending channel. The price is presently consolidating in a flag pattern and the 2-day moving average curve is floating under the price chart, while the trading volume rises slowly.
In addition, Ripple has also made a gain of 1.24% in the last 24 hours and the buyers have taken the price up from $0.267 to $0.280 within few hours after the market started. Furthermore, the price evolves above the moving average and it’s currently negotiating with the 0.27 supply level.
However, if the price drops below the $0.026 demand level, the pair is likely to locate the $0.024 demand, which is close support level for the bears. A bearish continuation could then bring the market to the critical demands at $0.022, $0.20 and $0.18 respectively. On the contrary, should the bulls continue with the upward trend, the price may likely break out of the channel to hit the potential supply levels at $0.32, $0.34 and $0.36.
Meanwhile, the stochastic RSI just recovers from the overbought zone. If the price oscillates downward, XRP may fall.
When compares with Bitcoin, the trend of the pair is still perpetually looking bullish in the long-term, priced at around 3267 SAT. Meanwhile, the 3rd largest cryptocurrency is witnessing the same trend against USD and the bullish continuation may take the price to supply levels at 3600 SAT and 3800 SAT respectively.
However, if the bulls failed to hold the price at 3267 SAT, we can expect the price to fall below the channel. For now, the nearest demand levels for the market are 3000 SAT and 2800 SAT. Looking at the chart, there’s a sign of indecisive movement at the moment but the XRP/BTC pair is slowly rising again with a bullish trading volume while the stochastic RSI moves to touch the oversold line.
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