update 27 October 2021

XRP In a Fight to Stymie Downward Spiral

XRP/USD’s price rallied past the $0.2800 mark. However, it couldn’t carry the momentum past the $0.2860 level. Currently, the price is experiencing a downside towards the major supports at $0.2700 and $0.2650.

XRP Steady Gain

Recently, the price gained steadily from the $0.2650 support zone. Consequently, it broke the   $0.2800 barrier zone in addition to the 100 hourly SMA.

Despite the gain, the buyers couldn’t push the price beyond the $0.3000 barrier. It established a swing high near $0.2861 only to start declining. It moved into the short term declining territory by continuing to perform under $0.2800 and $0.2780.

Bullish Trend Line

An analysis of the XRP/USD hourly chart reveals the presence of a break under a key bullish trend line with support about the  $0.2760 mark. Currently, the price has stabilized under $the 0.2780 and  100 hourly SMA levels.

Examining the downside indicates several supports near $0.2700 and $0.2650. Similarly, the upside shows the 100 hourly SMA to be the currency’s closest barrier to $0.2760. Initially, this barrier was close to $0.2800. Any XRP price movement above that level could embolden the buyers, potentially pushing the price to $0.3000.

XRP Price Rebound?

XRP’s failure to surpass the $0.2800 level could trigger a decline to under $0.2700 support. At that level, the immediate key supports are close to $0.2650 and $0.2640.  The next support neighbors $0.2680.

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Overall the XRP price could maintain its downward trajectory in the short term. Nevertheless, there’s the possibility of the price rebounding from either $0.2700 or $0.2650.