Cryptoanalysis: XRP is trying to cross the $0.58 mark

The second half of October was successful for most cryptocurrencies, and XRP is no exception. The coin has risen almost 20% during this period and is trying to cross the $0.58 mark again. Let’s look at the graphs.

Three gray areas

We’ll start this analysis with the weekly chart of XRP, which shows all the major price levels. They appear as gray areas around the prices of $0.30, $0.58 and $0.90 and the coin is currently floating in the middle.

As you can see, after rising to $0.90, the coin fell below the $0.58 area. This seemed to show a big drop, but the price failed to make a lower low at the time of writing – below the blue line around $0.45.

I have indicated in previous analyzes that closing a candle below this line would result in a further decline, but fortunately that did not happen. The coin remained strong and had enough buyers to bring the price back to $0.58.

Second try

The coin arrived here, rejected, but XRP is making another attempt. This is less visible on the weekly chart, so we will also briefly discuss the daily chart. Here each candle represents 24 hours, so we can see the price in a bit more detail.

As you can see, last Tuesday was the last attempt to break this. Unfortunately, there were many sellers at the time, but since the coin is yet to reach lower lows, this attempt will likely be successful.

Unfortunately, this is not a guarantee as the coin has already been rejected here, but the fact is that the number of executed sell orders around these prices is increasing. If this continues, the coin can pass through this zone on its own.

In that case, XRP could have a very good month where we could see prices of $0.90. This is the location of the strongest resistance (beyond the current $0.58 level). The only thing that could disrupt things is a rejection of the current zone, after which the currency will make a lower low. However, given the current uptrend – with higher highs and lows – this scenario seems less likely.