It seems as if the altcoins took the foot off the brake paddle as the market exhibits an uptrend on the 10th of October. The Ripple price prediction by Strictly suggests an upcoming double bottom pattern following a pullback that’s in place to take the coin below $0.12.
1-Day Ripple price analysis
While the crypto market saw some green light on the 10th of October, the altcoins made their way up on the charts. XRP crossed the $0.26 mark during the day, while it was priced at $0.256 during the time of writing.
A huge descending bearish down channel has been building upon the Ripple charts for over 2 years now. Strictly from Trading View highlighted this double wide channel shown in the chart below.
The price moved towards the upper part of the channel in Q2 2019, where it was supported by the midline of the whole double-wide channel until Q2 2020. The price hit a bottom at $0.110, after which it bounced towards the resistance level of the double channel. The price has been testing the resistance from August 2020, and it is now believed that the price might return towards the $0.110 level to form a double bottom trade pattern.
A double bottom is a bullish indicator that depicts a cryptocurrency’s upcoming ascension. This double pattern is placed at the end of the channel, which is why the price should break above resistance, should this double pattern come into play. An escape from this huge channel will allow the coin to see massive gains in its price.
Sell zone to cause a price fall?
A rising channel was marked on the 4H charts for the trading pair by Saeed from Trading View. The price previously got rejected by a horizontal resistance level near $0.256.
The fall from the price rejection led the crypto towards the $0.221 mark. XRP has been ascending in this channel from the last week of September. It retested the same resistance on the 6th of October, which followed a fall in the coin’s price. This pullback was followed by another retest of the resistance level. The analyst marked this trading region as a sell zone for XRP. The price is expected to retreat towards the support of the channel. These retests will continue to happen unless XRP either breaks below the channel or above it.
Ripple observes a golden cross, bulls ahead?
A golden cross appeared between the 50 and 200-Day Moving Averages for Ripple. A golden cross is a bullish indicator, which means that the XRP price will go up next.
Alexand Harford from Trading View also showed an ascending channel for the cryptocurrency. The price has hit a resistance zone near the $0.26 mark. Per this idea, the ROC indicator has also shown spikes in the price. Keeping the golden cross in view, if the XRP market gains enough momentum, we can look forward to an upward breakout of this resistance zone inside the ascending channel.
Disclaimer: The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.