XRP (XRPUSD) Price Forecast: October 6
The XRP market is currently running a bullish race and the price might head to the $1.000 resistance level as the crypto is facing high pressure from the bulls. Thus, a sharp breakout and closure above the $0.852 previous high level will invalidate any bearish thesis and the price might hit the high at the $1.000 resistance level and beyond which may foot the recovery pattern to a higher price level, resulting in an intraday gain for the coin traders.
Key Levels:
Resistance Levels: $0.700, $0.800, $0.900
Support Levels: $0.500, $0.400, $0.300
XRP (USD) Long-term Trend: Bullish (Daily Chart)
Despite the intervention of the short traders, the XRP market remains in a bullish trend in its long-term outlook. Further, the coin prices are traded above the EMA-50 and might head to the overhead resistance level soon.
The bullish pressure to a $0.548 high level in the previous days has made it possible for the coin to remain in a bullish trend zone in its recent high.
The drop in the price of XRPUSD to the $0.520 low value as the daily chart commenced today has no serious effect on the market as the price remains in an uptrend. Hence, staying above the supply levels indicates a strong possibility for a bullish correction.
Thus, if the bulls can put extra effort into the price action and break above the $0.852 supply mark, further selling pressure will be put into hibernation.
In light of this, it is anticipated that the bulls will swing the price of XRP upward and might head to the $1.000 supply value in the next days in its long-term perspective.
XRP (USD) Medium-term Trend: Bullish (4H Chart)
Upward pressure still dominates the XRPUSD market in the medium-term time frame. The price is currently trading above the EMA and might head to the overhead resistance trend line.
The coin has been having a series of higher highs and higher lows in the past few hours which have sustained the bullish impact on the crypto market.
The impulse move by the buy traders to a $0.524 high level as the 4-hourly chart opens today indicates more strength in buyers’ commitment.
Trading above the moving averages will enable the market value of XRPUSD to keep pushing up. Therefore, if the bulls should add more aggression to their activities in the market, the $1.000 resistance level might be reached soon in its medium-term time frame.
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