XRP Daily Trading Signals: 29 October

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Dominant bias for XRP – Ranging

Resistance Levels- $0.6000 $0.6500, $0.7000

Support Level-$0.3500, $0.3000. $0.2500

 

XRP remains in a range-bound market. $0.4565 in the support area was the low the cryptocurrency attained due to the bears’ pressure at the weekend while $0.4680 in the resistance area was the high made by the bulls at the same period.

 

XRP 4-hour chart
XRP 4-hour chart

 

Todays 4-hour opening candle at $0.4643 is a bearish spinning top a signal for reversal and most likely the bears may be making a return within the range.

Price is around the two EMAs with the stochastic oscillator at 60%, with its signal pointing up, which present an unclear movement within the range.

XRP is in consolidation and trading between $0.4800 in the upper resistance area and at $0.4450 in the lower support area of the range. Traders should be patient at this period and allow a breakout at the upper resistance area or breakdown at the lower support area before taking a position with good reversal candlestick pattern that confirms the direction.

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Azeez Mustapha
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

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