The king of cryptocurrencies continues to find buyers near the $28,000 level over the weekend. Excitement among investors began in October. If the BTC price can turn the $28,143 resistance into support, altcoins may run to higher local highs. So, what is the current situation with XRP Coin?
Ripple (XRP) Analysis
On August 17, sellers of the popular cryptocurrency could not pull the price down to deeper lows, creating a long lower wick. This candle, which is a sign of buying pressure, later allowed the price to move relatively sideways.
The XRP price broke out of the decreasing resistance trend line three days after making a lower low on September 11. This led to the price reaching a peak of $0.55 at the end of September. The latest developments in terms of news were in favor of XRP Coin. The court did not accept the SEC‘s interlocutory appeal.
This means that at least until April, XRP Coin sales on exchanges cannot be considered as securities/investment contracts. However, this news did not trigger the expected increase in price.
Despite facing rejection at the $0.55 resistance level, on October 2, a bullish engulfing candlestick was formed. This type of bullish candlestick eliminates the entire previous period of decline. However, it did not enable the breakthrough of the resistance.
XRP Coin Price Target
Readings on the daily chart and wave count indicate that the price increase may continue. The RSI data also supports the rise. According to the Elliott wave count, XRP movement since the August 17 low indicates an A-B-C structure. Elliott wave count provides traders with an idea about the detection of long-term movements and the direction of the masses, and it has a high success rate.
According to Elliott, the targets of $0.58 and $0.66 seem testable in the future. The daily RSI also supports the increase in XRP price. If the RSI is above the neutral zone and the trend is upward, the price increase may continue. Additionally, the positivity in BTC price also appears to be supportive for XRP Coin price.
Investors should pay attention to the next resistance test at $0.55. If another rejection occurs, it means the end of the uptrend. In this scenario, we may see a double-digit drop to $0.41 on closes below $0.49.
