XRP Price Analysis for October 28

28 October 2023

in XRP

Reading Time: 2 mins read

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The weekend has started with a market correction as most of the coins are in the red zone.

XRP/USD

The rate of XRP has gone down by 1.21% since yesterday.

On the hourly chart, the price of XRP is in the middle of the local channel. At the moment, neither buyers nor sellers are dominating. However, if the rate returns to $0.55, the growth may continue to the $0.556 zone tomorrow.

On the daily time frame, the rate of XRP is more bearish than bullish as the price is about to return to the recently tested support level of $0.536.

If that happens, there is a high chance of a breakout followed by a continued correction to the $0.53 area.

From the midterm point of view, the candle might close below the level of $0.5491. In this case, traders are unlikely to see an upward move next week. Meanwhile, bears might seize the initiative, which can lead to a drop to the $0.53-$0.53 range.

XRP is trading at $0.5460 at press time.

About the author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.

Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.