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Most crypto assets are trading in the green on Thursday. All eyes are on XRP (XRP) to deliver upside gains after rebounding off the $1.075 support level on Oct. 13. As of press time, XRP was trading at $1.130, up 2.63% in the last 24 hours and 5.97% on a 7-day basis. On Oct. 14, Ripple announced joining the Digital Pound Foundation, a non-profit focused on the development and implementation of a digital Pound in the United Kingdom. Ripple will be represented on the board by Susan Friedman, Head of Policy. Ripple’s participation in the Foundation continues its ongoing work engaging central banks globally on technical and policy issues related to CBDCs. Earlier in April, Ripple’s University Blockchain Research Initiative (UBRI) welcomed the University of Capetown, Reykjavik University, and New York University Abu Dhabi as partners to solve key challenges in financial technology while driving CBDC Research Forward.
Resistance Levels: $1.4000, $1.3000, $1.2000
Support Levels: $1.0107, $0.9304, $0.8368
XRP/USD Daily Chart: Ranging
Since July, XRP/USD has been trading within a rising wedge pattern. From a theoretical perspective, XRP could likely continue to appreciate within the predetermined pattern towards the resistance trendline near $1.50. Alternatively, a breakout south could occur if the price breaks below the lower trendline support. That said, If the $1.24 bar proves easy to clear, the next challenge could be September’s high of $1.41.
A decisive close higher may reach the next key limitation around $1.76. Supporting the bulls’ picture in the near-medium term is the positive crossing of the MAs. On the downside, Bulls want to protect the MA 200 at $1.00 as the strong support zone where currently buyers are dominating. If the support fails, declines to $0.83, and $0.65 levels may come into view.
XRP/USD 4-Hour Chart: Ranging
XRP/USD 4-Hour Chart
The XRP/USD pair has so far failed to overcome the supply area at $1.23 on the 4-hour chart. As it stands, the MA 50 at $1.11 is approaching the current market price. The RSI hovering around the 50 neutral levels is supportive of consolidation. A fall below the MA 50 would prolong the sideways action to $1.06. Then a leg below that, XRP could meet the MA 200, which stands near the $1.03 barrier.
A bearish close below the lower band of the current range at $1.00 would trigger a sell-off as buyers try to bail out. The $0.89 level could act as temporary support. On the upside, $1.23 is the first hurdle to lift before a recovery could carry on. A bullish breakout would trigger an extended rally towards the $1.50 and $1.70 levels when momentum traders join the party. Yet, a careful approach will still be needed as the rising wedge could also act as a bearish reversal pattern.
