Ripple’s XRP price has recently seen a decline in volatility, after an earlier price hike three weeks ago. Its on-chain metric, the market-value-to-realized-value ratio [MVRV] could not sustain a positive outlook, hence showing that the token may be undervalued.
As a payment service company, Ripple Labs now face competitive challenges from the likes of COTI, a Fin-Tech platform that now offers cross-border remittance service, and area that Ripple has been a major player for some years now.
SWIFT, a leading player in the cross-border remittance business that operates outside the crypto space now offers a new service dubbed SWIFT GO to compete with Ripple’s fast transactions.
As old and new players scale up their services, Ripple may struggle to stay relevant in the cross-border remittance sector, also, not forgetting the ongoing lawsuit of Ripple vs. the US SEC and extension of rebuttal report deadline to 12 November.
Read on as we shed some light on how these affect the price chart of the XRPUSDT, following a top-down view of multiple time frames.
XRP Weekly Chart Analysis
The bear-trap candlestick signal on 20 September [weekly chart] confirms a higher trough compared to the 21 June’s trough and signals an uptrend.
We observe that the Bullish momentum is slowly building up and the likelihood of seeing the XRPUSDT reaching for the $2.00 round number resistance before the end of Q4 ’21.
Well, before the $2.00 milestone is attained, the XRP price will first have to break above the $1.4151 and $1.9669 resistance.
Also, note that a collapse of the $0.8582 support may transfer the trend direction to the bears where we may see lower price levels around $0.5090.
XRP Daily Chart Analysis
Unlike the weekly time frame that shows a strong bullish trend outlook, the daily time frame, however, appears to be in a correction phase as the price threatens to close below $1.0914 at press time.
An RSI value below level-25 should confirm the price floor for the weekly timeframe’s uptrend, and a price close above $1.869 resistance should trigger more buying pressure.
XRP 4HR Chart Analysis
A final view of the XRP price from a 4HR chart perspective shows the crypto pair trading in a sideways range as the $1.0589 and $1.0171 support hold the price from falling lower after a hidden bearish divergence on 16 October 12:00.
A price close below the $1.0171 support could signal a prolonged bearish intraday swing to somewhere around the $0.8861 support.
We’ll have the confidence to take a long position on XRP if we see a price close above the $1.2089 resistance.
XRP Intraday Levels
- Spot rate: 1.0822
- Mid–Term Trend [H4]: Bullish
- Volatility: low
- Support: $0.8861, $1.0172, and $1.0589
- Resistance: $1.2089 and $1.400
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