Bulls’ Decision Time? Ripple To Explore NFT

Fibo Quantum

  • XRP (XRP) entered into consolidation
  • At the time of writing, XRP was trading at $0.9151, up 4.91% on the day
  • Ripple launches $250 million creator fund to explore NFT use cases on the XRPLedger

The cryptocurrency market is experiencing a rebound amid sideways trade. XRP (XRP) entered into consolidation after bulls failed to overpower the $1.04 barrier (previously support) on Sept. 23. At the time of writing, XRP was trading at $0.9151, up 4.91% on the day. Ripple’s newly launched Creator Fund is committing $250 million to enable all creators and their partners to explore new use cases for NFTs on the XRPLedger. Via the fund, creators will receive Financial, Technical, and Creative support to craft premium NFT projects. In an update to the flare airdrop, Flare Finance announced that a snapshot of all balances holding songbird (SGB) and Wrapped Songbird (WSGB) will be taking place on November 5th, 2021. At this time, all holders of SGB and WSGB will receive ExFi Token EXFI (originally named SFLR), the secondary governance token. Meanwhile, The Songbird network has officially taken flight and has exited observation mode.

Key Levels
Resistance Levels: $1.2000, $1.1461, $1.050
Support Levels: $0.7708, $0.5450, $0.4000

XRP/USD Daily Chart: Ranging

XRP/USD Daily Chart

XRP staged a recovery from the $0.889 range after sellers failed to breach beneath on Tuesday. It is a time of decision for XRP/USD as bulls must now break above the $1 psychological level to reach the $1.11 barrier located at the MA 50 or the recent rally is at risk of being reversed.

Contrariwise, If buyers can continue to the recent momentum and overcome these levels to reach the $1.24 level then a powerful rally towards the $1.43 and $1.76 levels could take place. The short-term oscillators are leaning towards an improving picture, although the RSI is yet to rise towards the 50 neutral marks. On the flip side, If XRP trades below the $0.87 level, sellers may test the $0.83 and $0.75 support levels.

XRP/USD 4-Hour Chart: Ranging

XRP/USD 4-Hour Chart

XRP eased slightly to trade around the 4-hour MA 50 at $0.94 after the bulls’ advance failed to clear the $1 round number on the first attempt. However, the picture seems to be improving and sees scope for a renewed attempt at the $1 mark through the MA 50 after consolidation.
XRP however remains in sideways trade as the large volatility of this year has been replaced by a triangle pattern that is now waiting for a breakout.

That said, a firm break above MA 50 at $0.94 would open the way for bullish extension towards the MA 200 at $1.09 ahead of the $1.24 and $1.47 levels. Alternatively, an extension and close below the MA 50 ($0.94) may sideline bulls. The $0.89 and the $0.84 levels should act as solid support, where extended downticks are expected to find a ground.

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