Will XRP Price See a Relief Rally in October? Here’s What Traders Can Expect
The post Will XRP Price See a Relief Rally in October? Here’s What Traders Can Expect appeared first on Coinpedia Fintech News
The crypto market has indicated potential weaknesses in the coming weeks, as the bullish momentum observed over the weekend failed to sustain. Bitcoin’s price declined from $27,000 to $26,000, which had a ripple effect on the altcoin market, particularly impacting Ethereum (ETH) and XRP. On both daily and weekly time frames, the XRP price exhibits a bearish pattern, having retested the resistance zone ranging from 52 cents to 54 cents.
Notably, XRP is on the verge of a potential daily death cross between the 50 and 200 Moving Averages (MA), which could give momentum to the bears. Consequently, XRP bulls may need support and a potential rebound between $0.39 to $0.46.
From a technical perspective, XRP’s price has traded in a horizontal zone between 46 and 55 cents. The recent correction in XRP’s price has erased the gains made after the July summary judgment, and this short-term uncertainty could lead to further corrections.
However, investors will be closely watching this week’s close as September, historically a bearish month for altcoins, draws to a close. Additionally, optimism for a more bullish sentiment in the crypto market in October may offer a possible relief rally for XRP.
In terms of what needs to be done, as highlighted by Cheeky Crypto’s Chris in a recent YouTube video, the XRPL network developments undertaken by Ripple and its partners have undoubtedly reassured most investors. Furthermore, XRP’s daily average trading volume has remained relatively high amid rising open interest markets. Consequently, the XRP community should maintain faith in the long-term success of Ripple, especially following its significant legal victory in the summary judgment.
