7 October XRP Price: Can It Achieve 0.55 Dollars and Beyond?

Crypto News- Examining the technicals on the daily timeframe for XRP, it’s evident that on August 17, there was a significant long lower wick (represented by the green icon). This elongated lower wick is commonly interpreted as a signal of buying pressure, indicating that sellers couldn’t drive the price lower, and buyers stepped in. Following the establishment of a higher low on September 11, XRP eventually broke free from the descending resistance trendline three days later, reaching a high of $0.55 on September 29.

7 October XRP Price: Can It Achieve 0.55 Dollars and Beyond?

Nevertheless, the subsequent rejection (denoted by the red icon) confirmed the $0.55 horizontal level as a formidable resistance point. Despite this, XRP managed to form a bullish engulfing candlestick on October 2. Such a pattern negates the entire decline observed in the previous period.

Despite this positive development, the candlestick couldn’t catalyze a breakout above the $0.55 resistance level.

In recent news, Ripple CEO Brad Garlinghouse made it known that the company has decided not to proceed with the acquisition of Fortress Trust. This decision came after a security breach that compromised the information of some of the company’s customers.

On another note, Ripple Labs welcomed former U.S. White House staff member Lauren Belive as the new head of U.S. Public Policy and Government.

A more in-depth analysis of the daily timeframe wave count and RSI points towards a bullish outlook, bolstering the likelihood of a breakout.

Technical analysts frequently employ the Elliott Wave theory to spot recurring long-term price patterns and investor psychology, aiding in forecasting trend directions. The wave count suggests that XRP’s movement since August 17 might resemble an A-B-C structure (represented by the black wave pattern). This structure generally consists of a three-wave decline, likely forming wave B.

Currently, the RSI indicator is above 50 (as indicated by the green icon) and is trending upwards, both indications of a bullish trend. Additionally, the breakout was preceded by a bullish divergence (illustrated by the green line).

This is viewed as a positive development, where an uptick in momentum accompanies a price decline.