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XRP short-term Price Analysis: 21 October

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XRP hasn’t been able to rally behind Bitcoin over the past week but the altcoin has kept pace in the short-term trend. Currently breaking above immediate resistance at $0.244, XRP is looking to enter an important transition range at the present moment, which may direct the imminent short-term market. XRP is currently valued at $0.249 with a market cap of $11.20 billion.

XRP 1-hour chart

Source: XRP/USD on Trading View

At press time, XRP is currently hovering near the resistance zone (yellow rectangle) evident over the course of October. At the moment, a breach above $0.250 appears a simple move for XRP, considering the trend is slightly tilting towards being bullish but maintaining a position above will be crucial.

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While a move above the resistance range will allow XRP to re-test $0.258, failure to break the range might see the asset decline down to $0.244 once again. At the moment, the Relative Strength Index or RSI is siding with higher buying pressure, indicative of growing bullish momentum.

The 50-Moving Average continued to bestow underlying support as well with the candles appearing above the blue indicator.

Source: XRP/USD on Trading View

The 4-hour chart of XRP faced a more stretched-out trend with the price angling towards a mid-term breach from the ascending triangle. While a bullish breakout might allow XRP to re-test resistance at $0.278, the pattern might not follow usual proceedings.

It stems down to the fact that Stochastic RSI is suggestive of a bearish breakout at the moment, which alters the possibility of a strong bullish break. While XRP can collectively rally alongside Bitcoin anytime now, volatility suggested that the markets will be highly turbulent towards quick bouts of spikes and drops.

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For XRP, either a push towards $0.258 will unfold over the current week or a decline down to $0.244.

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Linda Hopkins

Linda is one of the oldest contributors to Sunriseread. She has a unique perspective with regards to business and technology. She aims to empower the readers with the delivery of well-written news pieces, and most importantly, she always tries to bring the news quicker to the readers.

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