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Price Analysis

Ripple Rejects Selling Pressure, up 13% – Is a Shakeout Back to $1 Developing?



Whats next for Ripple Cover

Ripple continues to build while XRP prices are admirably resilient against selling pressure.

From the performance in the daily chart, it is evident that buyers have the upper hand, stable above $1, and buyers rejecting lower prices.

At the time of writing, the coin is up roughly 13 percent versus the greenback on the last week of trading, grinding higher and in the process lighting up Ripple and XRP holders.

Ripple Market Performance and Price Status

Technically, it is clear that Ripple buyers are in control.

This is despite the limiting fundamentals stemming from the ongoing SEC court case.

Although Ripple lawyers are buoyant after several favorable rulings, there could be more tailwinds for XRP bulls, especially if there is an eventual settlement in cash.

Ripple Price Daily Chart for October 11

In that case, XRP—a utility—would probably shoot above this year’s highs of around $1.9 to even surpass the all-time highs of $3.2. Presently, the coin’s headwinds stand at $1.40—which is August 2021 highs.

Note that XRP buyers could overcome this level now that prices are trending higher, bouncing back from around the 61.8 percent Fibonacci retracement level of the July to August 2021 trade range. A close above the consolidation of early September 2021 might have solidified buyers’ confidence.

However, it is the follow-through of last week’s gains that may draw even more traders angling for $1.40 in the short term. If XRP buyers close above $1.40, a retest of $1.40 would likely be accelerated as prices align with the primary trend set in the first half of Q2 2021.

Ripple (XRP) Moon Signal Prints, Path to $1.4-$1.5?

On Twitter, one trader notes that the XRP/USDT chart has printed what he calls a “moon signal.” Therefore, the analyst thinks the coin is on the way to $1.4 and $1.5 in the short term.

The series of higher highs and rejection of lower prices for the better part of October is re-injecting buy momentum, supporting bulls. As mentioned earlier, the $1.40 level is a strong level of resistance.

The break above the middle BB and bounce from the 61.8 percent Fibonacci retracement level in the daily chart may be the basis for the next wave of higher highs towards the trader’s ideal buy target.

“The Great” Opportunity to Buy Ripple Targeting $1.70

On Trading View, another trader thinks the path of least resistance in the days ahead will be northwards. As such, the current candlestick arrangement in the 4HR chart presents a chance to buy Ripple.

Ripple XRP to $1.70

Per his assessment, the coin could rally to $1.70 in the medium term. Providing support is bullish price action, and XRP prices trending above the 21-day WEMA—which acts as a dynamic support.

While XRP prices may trail higher to $1.70 and 2021 highs, how prices react at $1.40 will define Ripple’s short-to-medium term trend. Ripple bulls must rewind losses of September to validate the H1 of Q3 2021 uptrend.

Accordingly, the close above $1.40 must be with a wide-ranging bull bar propelled with high trading volumes. This will be a solid signal indicating a shift in trend, canceling the selling pressure of September 2021.

XRP ShakeOut to $1 Incoming?

On YouTube, another trader believes that while the Ripple uptrend holds, a shakeout bringing back XRP to $1 could be on the cards.

The correction would rid the market of speculators.

Afterward, Ripple prices would bounce above $1.40 and the multi-week trend line above $1.40—the main wedge—towards $1.90.

Charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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