XRP Price Prediction for October 16

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Bulls keep controlling the situation on the crypto market, according to CoinMarketCap.

Top coins by CoinMarketCap

XRP/USD

The price of XRP has increased by 0.7% over the last day.

Image by TradingView

On the hourly chart, the rate of XRP has broken the local resistance level of $0.5450. 

If buyers can hold the initiative and the bar closes far from that mark, the upward move is likely to continue to the $0.56 range.

Image by TradingView

On the daily time frame, the price of XRP is again testing the $0.5524 level. If the candle closes around it or above, the energy might be enough for a test of the $0.56-$0.57 area until the end of the week.

Image by TradingView

From the midterm point of view, XRP is not ready yet for sharp moves. As neither buyers nor bears have seized the initiative yet, ongoing sideways trading in the zone of $0.53-$057 is the more likely scenario.

XRP is trading at $0.5487 at press time.