XRP, like the crypto momentum recently seen, had some bullish momentum and was retesting the key resistance. Despite Bitcoin’s rejection at the $40K zone, bears took control of the market. The $0.58 zone is still the most important support.
Key Support levels: $0.58, $0.50
Key resistance level: $0.65, 0.70
XRP gained almost 10% Monday and Tuesday, but most of those gains were lost due to strong resistance from bears in second half. The key resistance is at $0.65. If the selling intensifies, XRP may test the support at $0.58.
Chart by TradingView
Trading Volume: In the last few days, the bears took control of the market and drove XRP into red. The current sell pressure, however, is low volume so it could be temporary.
RSI: Daily RSI has been reaching higher lows which is a good sign. It is unlikely that the current downtrend will be ended until the RSI reaches a higher peak.
MACD: On Tuesday, the daily MACD performed a bullish crossover encouraging buyers. But their excitement was short-lived when bears overtook the price action. The MACD is bullish for now and may experience a brief pullback.
Chart by TradingView
The current XRP bias remains neutral. A break of the critical resistance will change the bias to bullish.
Prediction of XRP’s Short-Term Price
Although the MACD is a bullish signal it could be too early for traders to take action as bears have overtaken the price action. It is better to wait for the price action to reveal its true colors. XRP will likely remain in a range between key resistance and support in near future.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.