Conclusion for today’s Ripple Analysis:
A close above ~$0.41 implies more bullish action in XRPUSD.
XRP technical analysis for today is carried out on the Daily timeframe using a log scale. Chart patterns are examined, as well as the 200 day moving average plotted to help in providing guidance for future price development.
Three (3) key points to keep in mind moving forward into the week of October 27, 2019 are the following:
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(1) Bearish trendline: Peaks in XRPUSD on April 23, 2019, September 21, 2019 and June 22, 2019 are used to draw its bearish trendline that provides a point of reference for price and also context. A close above the bearish trendline can be employed as part of a very conservative strategy to enter long (buy) trades.
(2) 200 Day moving average: This also provides additional evidence for the current bearish swing in the price of Ripple (XRPUSD). The slope of the moving average flattening out (i.e. zero) implies indecision, and therefore requires monitoring for future development of price action. A change from zero to positive slope is evidence of renewal of bullish strength in Ripple.
Therefore, price closing above the moving average is a good sign for continuation of bullish strength with the next challenge anticipated at the bearish trendline.
(3) Bottoming price action in XRP: August 15, 2019 and September 24, 2019 saw XRP fail to follow through with its bearish momentum and a lack of price close below ~0.22. The most recent test close to the 0.22 price level occurred on October 23, 2019 with price eventually resolving to the upside. A bullish swing in price is therefore implied, while price closing below ~0.24 diminishes the chances of higher prices.
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