Nov 02 2022
VOT Research Desk
XRP is currently trading at $0.46, having encountered resistance from the 8-day exponential and 21-day simple moving averages. As the price remains below the indications, a higher bottom has been formed at $0.449.
The latest low could be the final leg of the coiling triangle that has surrounded the price of the digital remittance coin since September.If the market is indeed bullish, a classic Elliot Wave Triangle Setup should spark a run up to $0.66.
A break of the latest swing high at $0.49 could be the catalyst to reawaken stalled bulls.
If the bears sweep the lows at $0.448, the bullish thesis targeting $0.56 could be invalidated. If the bears manage to breach this level, it appears that a liquidation event targeting October’s swing lows at $0.42 is in the cards.
A 10% drop from the current XRP price would come from such a change.
