Bias for XRP- Ranging
Resistance Levels- $0.5000, $0.6000, $0.7000
Support Levels- $0.2000, $0.1000. $0.0500
XRP enters a range-bound market in its long-term outlook. $0.4853 in the support area was the high the bulls could manage to push the cryptocurrency to on 23rd October before losing momentum. The bears’ return was confirmed by the bearish inverted hammer on 24th October as the cryptocurrency continued the journey south within the range.
Price is hovering around the 200 and 10-EMAs coupled with the relative strength index in a parallel line at 49 %. These further confirms the ranging scenario currently happening.
XRP is in consolidation and trading between $0.5000 in the upper resistance area and at $0.4344 in the lower support area of the range. Patience is highly needed as the trading week commences. A breakout at the upper resistance area or breakdown at the lower support area may occur, this should be allowed to play out before a decision is taking