Looking at the price trend on the daily chart, XRP is making encouraging new highs. Traders are hoping for more, but the seventh most valuable coin is stuck in a bearish bar. According to CMC market sentiment data, Ripple bulls are confident, but there is nothing remarkable on the daily chart. Unless there is a clear close in either direction, local support and resistance will remain at $0.50 and $0.53 in the short term. Moreover, the path of least resistance is southward as the bulls have yet to reverse their recent losses.
A mix of price collapses and occasional declines has put the XRP bull market in a difficult position. Technically, there is no clear trend, and this chop means that early October sellers are still in control. Quantitatively speaking, XRP is down 20% from its September highs, but has been stable over the past day and week. Overall, the coin has held steady as trading volumes have increased and is currently valued at over $1 billion.
How the price moves in the short term can be influenced by the upcoming XRP and Ripple news.
Analysts say altcoin season is not here yet. However, once buyers join in and the rally begins, XRP could break above $1 and climb toward all-time highs. Yesterday, a user accidentally burned 10,000 XRP. The move, which took place on the XRP Ledger, comes at a time when meme coin transactions are gaining momentum on the blockchain.
XRP price analysis
XRP/USD is bullish despite the price moving sideways.
Local support is at $0.50 and resistance is at $0.53.
If the bulls build on the gains of the past few days and reverse the October 25 drop, Ripple could break above $0.55.
Until then, the path of least resistance is south.
Therefore, risk-on traders may consider selling short with a target of $0.45.
This outlook only changes when the price rises above $0.55.
