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Daily Technical Analysis Research 10.10.2024 – Cryptocurrency (RIPPLE)

By Matthew Hayward

October 10, 2024

3 min read

Daily Technical Analysis Research 10.10.2024 – Cryptocurrency...

RIPPLE (XRP/USD):

Like many other Altcoins in the cryptocurrency market, the price has been fluctuating between a high of $0.65 and a low of $0.40. In my previous article, I mentioned my interest in seeing how the price would respond to the resistance zone between $0.62 and $0.65. As you can see in the chart below, the price sharply rejected this resistance level.

Daily Technical Analysis Research 10.10.2024 - Cryptocurrency (RIPPLE) - Screenshot 2024 10 10 at 15.57.31 1024x621

A closer look at the technicals reveals that the price is attempting to hold support along this ascending trend line, which aligns perfectly with the 50% level of the Fibonacci tool. If the price fails to maintain support at these levels, my next focus would shift to the lower support areas around $0.42 and $0.44. Additionally, when we examine the RSI indicator, there are no clear signs that the price is currently overbought or oversold.

Daily Technical Analysis Research 10.10.2024 - Cryptocurrency (RIPPLE) - Screenshot 2024 10 10 at 15.57.41 1024x622

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Author

Matthew Hayward

Matthew is a well-experienced Market Analyst with a key focus on both Fundamental and Technical Analysis. He has experience in covering various market topics including Cryptocurrency, Foreign Exchange, Indices, and Commodities. He looks to provide we...

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