Ripple Price Analysis: Are XRP Bulls Preparing For Another Shot at $1.4?
Key Support levels: $1.2
Key Resistance level: $1.4
If the ascending channel does not break, XRP looks primed for a rally towards the resistance at $1.4. At the time of this writing, XRP was just above the support level at $1.2 which may provide a tentative entry if the bulls come in force to take the cryptocurrency higher. The momentum and volume are low right now, but this can change in an instant considering XRP’s past performance.
Technical Indicators
Trading Volume: Volume was low over the weekend and this hasn’t changed today as well. Despite this, the bulls were able to keep XRP above $1.2 and may push prices higher in the next few days.
RSI: The RSI is curving up on the daily timeframe which may lead to a nice rally if sustained.
MACD: On the 4-hour timeframe, the MACD is bullish, and considering that the price is at the support level, the likelihood of a rally increases. On the daily timeframe, MACD did a bearish cross on the moving averages two days ago, but this will only become a concern if the XRP price falls below the key support.
Bias
The bias is bullish on XRP as long as the price does not fall under $1.2. The indicators are also giving some good hints that the price may move higher soon.
Short-Term Prediction for XRP Price
The most important target on the chart right now is the $1.4 level representing the key resistance. During the last push higher, the bulls were rejected by the bears before reaching this level. However, the current price action shows that bulls may be preparing for another attempt. Until then, XRP should continue to hover just above $1.2.
OhNoRipple via https://www.ohnocrypto.com/ @Duo Nine, @Khareem Sudlow