XRPUSDT Free market analysis for week 40 (6 Oct 2023)

XRPUSDT Free market analysis for week 40 (2 Oct 2023)

This week’s free market analysis is on XRPUSDT.

MONTHLY TIMEFRAME

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XRPUSDT on the monthly timeframe is on a downtrend. Price has traded up to an all-time high of 1.9675 and has started trading down, making lower lows and lower highs, and the price is currently making a lower high after tapping into the support level at 0.2800.

WEEKLY TIMEFRAME

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XRPUSDT on weekly timeframe price has been in a downtrend, but currently, it’s in a temporal uptrend, which is a pullback phase, and it’s making a series of higher highs and higher lows. Price has also been respecting key levels.

DAILY TIMEFRAME

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XRPUSDT, on the daily timeframe, has been respecting key levels and has failed to break above the resistance at 0.5813 before and after the bullish spike in price to the next key level at 0.9291. 0.5813 has been a strong resistance, and the price has failed to break above even after the spike, although the price is currently trading at that level.

 

4 HOURS TIMEFRAME

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XRPUSDT on the 4-hour timeframe is currently bullish, making a series of higher highs and higher lows. Price has been trading along the trend line and has also tapped into the resistance twice and bounced off it. If the price breaks the trend line, that might signal a change in trend, and we may see price trading to the support level.

Read Also: EURUSD & BTCUSDT Market Outlook for week 40


CONCLUSION

This free market analysis is not a guarantee for profitability while trading the BTCUSDT pair, but the professional opinion of the Author. We therefore advise the reader to use the free market analysis as a guide while carrying out their individual analysis.

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