Ripple (XRP) price action is on net displaying a nice picture for the bulls at the moment. Bulls in XRP price got trapped twice in a bullish outbreak that started at the $1.05 entry point and twice saw rejection around the green ascending trend line. With a second failed breakout, bulls are not interested at $1.05 anymore and are giving bears some leeway to drop toward $1. XRP price now has more room to go to the downside as bulls will not start another attempt at $1.05. This gives the bears in Ripple price action some room, but not that much . Price action in XRP looks limited to the downside with a blue descending trend line that already gave some support on October 9, and around $1 bulls can count on not only the significant psychological figure but also the 200-day Simple Moving Average (SMA) that has proven to be a supporting floor throughout October.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

Expect XRP price action to fall in favor of the bulls once Ripple price reaches $1. Bulls have three easy reasons to pick up some XRP coins, and the price will pop back up towards $1.05 and $1.09. If XRP could enjoy some additional tailwinds, expect another leg higher with a retest and possibly break higher above the green ascending trend line.

Should global markets stay heavy and on the back foot, expect bears to break $1 and look to test $0.84 to the downside, which was the low of September. Bears could try and test $0.78, but at that level, bulls will want to defend their entry points from August and XRP price action looks interesting at those discounts.

Ripple to Tackle 61.8% fibo Level

Oct 15 2021