XRP Price Analysis for October 12

Sellers keep pushing coins to new local lows, according to CoinStats.

XRP/USD

XRP could not withstand the fall of most of the coins, going down by almost 2%.

Despite today’s fall, the rate of BTC is in the middle of the local channel, between the support of $0.4758 and the resistance of $0.4821.

As most of the ATR has been passed, sideways trading in the area around $0.48 is the more likely scenario until tomorrow.

A worse picture can be seen on the daily time frame. Here, traders should pay attention to the bar’s closure. If it happens below yesterday’s low, the decline may lead to the test of the support of $0.4590 shortly.

On the weekly chart, bears are more powerful than bulls, as the rate has again declined below the vital zone of $0.50. If the drop continues to $0.46, the energy should be enough for a support breakout, followed by a downward move to the $0.44 zone.

XRP is trading at $0.4769 at press time.

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