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Ripple, Dash and Compound Outlook

October 14, 2020

Ripple

Positive patterns and good fundamentals appear to be backing the three altcoins Ripple (XRP), DASH and Compound (COMP). With the moving averages favouring a bullish trend for XRP. DASH has also witnessed favourable buying sentiment and a bullish rectangle pattern has started to appear on its daily chart.

COMP, however, has shown low levels of volatility. In spite of this, an upswing for the asset was still noticeable on one of its technical indicators.

XRP/USD Chart.

Ripple
Chart created using https://www.tradingview.com/

Over the past 24 hours, XRP has climbed by almost 3%, trading just under its closets resistance of 0.260 USD.

XRP was additionally able to hold its price above its 20 and 50-period exponential Moving Averages (EMA), with the 20 EMA (blue) above the 50 EMA (yellow) a clear sign of a bullish trend.

This additionally highlighted the withdrawal by the bears and signalled the bullishness control as seen by the MACD line going above the signal line. The upward trend in the price highlighted by the EMA and MACD implies a bullish control of the 0.2607 USD resistance could be conceivable over the coming days.

This could all support the results of a recent survey of XRP investors, where 72.4% of them believed that the coin might reach 100 USD in the future. It all so showed that 33% believed a 5 USD mark might be reached by the end of the year.

DASH/USD Chart.

Ripple
Chart created using https://www.tradingview.com/

DASH lept 2.55% above the Fibonacci retracement zone on the daily charts.

The chart showed it repeating earlier patterns and appeared to form a bullish rectangle pattern.

Additionally, this was confirmed from the Relative Strength Index (RSI), which witnessed a downswing, implying the chance of a short-term correction towards the support level.

This highlighted a retest of the 50% zone or the 0.949 USD support level, which could prompt another surge upward in its price movement, following the signs from the bullish rectangle pattern and RSI movements.

COMP/USD Chart.

Ripple
Chart created using https://www.tradingview.com/

While the Average True Range (ATR)showed a steady drop in the levels of volatility since the 10th of October, a sideways price movement was also seen over the same time period.

Although the cryptocurrency still managed to break through two of its nearest support levels over the last 24 hours, signalling the return of buying pressure, regardless of the low volatility levels.

With good fundamentals alongside strong buyer’s control over the asset might be the reasons for this.

The dotted lines of the Parabolic SAR underneath the candles also points towards an upward price trend over the coming trading sessions. However, a reversal is not a guarantee given the low levels of volatility.