Ripple Price Analysis: XRP Breaks the Correction, is $1 Target in Play?
Key Support level: $0.70
Key resistance levels: $0.96, $1
The XRP bulls didn’t allow the price to drop to $0.70. They bought in at around $0.75 early, turning the price action into an uptrend. The cryptocurrency is now moving higher, and has risen to $0.80. If this momentum continues, then XRP could soon test $0.96 as the key resistance.
Chart by TradingView
Technical Indicators
Volume of trading: Despite the recent price rise, volume is still declining. Although this is not ideal, buyers might be more aggressive if the price rises.
RSI: If this trend continues, the daily RSI will gain more momentum. A higher low of the RSI is a bullish sign.
MACD: Bullish daily MACD and moving averages point upwards again. This is a positive sign. If the XRP price closes in green for another few days, then the histogram should also make a higher peak, which would confirm that a new rally has begun.
Chart by TradingView
Bias
Current XRP bias is bullish.
Prediction of XRP’s Short-Term Price
XRP is poised for another move upwards and closing at the $0.96 resistance. This bias may be invalidated by the decreasing volume. Ideally, volume should rise during rallies. This is a sign to be cautious.
Marla Brooks – Financial Analysis
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