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XRP Stalls at $0.5490; Is $0.5145’s 50 EMA a Buy Cue?

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on October 02, 2023 | 1 min
Updated on Oct 03, 2023
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  • XRP’s current price hovers just above the key 50 EMA support at $0.5183.
  • The digital asset experienced a 1.31% uptick over the past 24 hours, stalling at $0.5490.
  • Immediate resistance for XRP is set at $0.55194, with the potential to test higher levels.                                                                                                                            

Ripple, often referred to as XRP, has shown some resilience recently, yet it faced a stumbling block around the $0.5490 mark. As of October 2, the live XRP price stood at $0.523400 USD, experiencing an uptick of 1.31% over the past 24 hours. Drilling down into the numbers, XRP’s trading volume for the same period clocked in at an impressive $645,280,698 USD. This digital asset currently holds the 5th position on CoinMarketCap’s ranking, boasting a substantial market capitalization of approximately $27.9 billion. In terms of supply data, there are currently 53.31 billion XRP coins in circulation out of a possible 100 billion.

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XRP/USD Price Chart
XRP/USD Price Chart – Source: Tradingview

Ripple Price Prediction: Technical Outlook

For those technical traders, a 4-hour chart could offer some valuable insights. The key pivot point seems to be hovering around $0.52159. Should XRP continue its ascent, the immediate resistance is pegged at $0.55194, followed by $0.57972 and then $0.60955. Conversely, if a downturn is in the cards, the support levels to monitor closely include $0.49433, $0.46398, and $0.43621.

 

 

Peeking at the technical indicators, the Relative Strength Index (RSI) is currently situated at 56. This is slightly above the midpoint, suggesting a leaning towards bullish sentiment, but still a safe distance from the overbought threshold. The Moving Average Convergence Divergence (MACD) has a value of 0.00013 and is pitted against a signal value of 0.0035. This close proximity could signal potential trend changes in the near future. Of significant interest to many will be the 50-Day Exponential Moving Average (EMA), which sits at $0.5183. The price is currently hovering just above this EMA line, hinting at a short-term bullish trend.

 

 

Chart patterns seem to further back this bullish sentiment, underscoring the support offered by the 50 EMA at $0.51830.

To wrap up, the overall trend for XRP appears to be inclined towards the bullish side, provided it maintains its position above the $0.51830 mark. On the flip side, any movement below this could signal a selling opportunity. Over the short term, there’s an expectation for XRP to possibly challenge, if not breach, the resistance levels previously mentioned.

Stay tuned for more updates!

author
About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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