Short-term price action is hard to predict in the cryptocurrency market due to its high volatility in a fast-changing environment. However, technical analysis indicators can help crypto traders make decisions in their daily operations, although these indicators must not be considered in isolation while investing.
On October 12, the trader Alan Santana posted an XRP Ledger (XRP) analysis on TradingView, suggesting it could be a good “entry timing” in the digital asset. XRP was trading at $0.48362 by that time, with a suggested “low” hit at $0.47399.
“Maybe an entry now can later be called “great timing”, it seems that a low has been hit.”
— Alan Santana
Notably, following updates and new analyses by Santana also helped to validate its first perception of “great timing” for a short-term entry on XRP. According to the trader, this bullish bias is still valid as long as some chart conditions are kept.
XRP at a support zone heading towards $0.59 per token
Alan Santana explained that XRP was able to break the 50-day and the 300-day exponential moving average (EMA), which were two strong resistance zones for Ripple’s project.
Interestingly, these two exponential moving averages could become important support zones for the price of XRP. In this context, Santana points to validation for his theory with the token testing the 50-EMA in the 4-hour chart at around $0.53733 per XRP.
“The bullish bias remains intact, and XRP is “loading” before a bullish continuation. (…) XRP is set to move higher in the short term (maximum within days), based on this chart. This analysis would only become invalidated if prices crash strong and close below the “great entry/timing” low.”
— Alan Santana
As for the short-term target, Alan Santana has identified the 3.61 Fibonacci expansion at $0.59084 per token.
All things considered, the digital asset’s ability to meet the above analyst’s expectations will depend on further developments related to XRP and Ripple, as well as the general sentiment on the wider crypto and macroeconomic landscape.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
