Overly, XRP prices are stable but bullish. In the last one month, it is down 20 percent—because of the sharp drops from Sep 2018 highs but pretty much unchanged in the last day and week.
Trend: Flat to Bullish
We maintain a bullish outlook from a top down approach especially when we consider the strong surges by week ending Sep 23 that led to break outs above key resistance levels effectively cementing bullish stands. Aside from this, there are visible XRP higher highs should we connect Sep and Oct 2018 lows.
Before Oct downturns, market participation shot in the lead up to week ending Sep 23 where between Sep 18 to 23, volumes spiked lifting prices as a result. Regardless of recent declines, buyers are in control because are yet to reverse those rapid gains. Besides, a simple Fibonacci retracement between Sep high low hints of possible resumption of trend since prices are trending at around key correction levels between 50 percent and 78.6 percent.
Candlestick Formations: Ranging Market
After events of Oct 15, XRP has been ranging as accumulation above 40 cents continue. Therefore, as long as prices are within Oct 15 high low or above 35 cents to 40 cents, there is an opportunity for buyers to ramp up ad discount with stops at the 78.6 percent Fibonacci retracement level at 40 cents.
Despite lower lows, all our indicators and accompanying price formation points to increasing bull momentum. Once there are conclusive breaks above 55 cents, risk-averse traders can begin loading up on dips as they eye $1 or $1.65.
This is not Investment advice and opinions are those of the author. Do your own Research.
The post XRP/USD Price Analysis: XRP Bullish as Institutional Demand Jump 450% appeared first on Ethereum World News.