Key Support level: $1; $0.97
Key resistance level: $1.2
The XRP price hovered just above $1 for the past three days. Any pullbacks were swiftly defended by bulls who have managed to keep XRP at this crucial level.
The XRP price action is very quiet over the past few days. This suggests that a break of the descending triangle (in red) could be possible. Volatility usually fades before major breaks. The support at $1 is holding strong, and $1.2 resistance can be tested in the event of a break above that pennant.
Chart by TradingView
Trade Volume: As we approach the pennant’s end, the volume has been declining. Volume should recover its strength as soon as the pennant ends.
RSI (Related to the price action): The RSI has been making lower lows in line with its previous highs. This is a bearish sign.
MACD: The daily moving averages completed a bearish crossing two days ago. This indicates that XRP may break below $1. The histogram is also negative. It is still too early to be bearish if XRP does not break below $1.
Chart by TradingView
Neutral. The XRP price could go in any direction, and it is possible for the current pennant to break at any moment. Although the MACD is a bearish signal it is too early for us to alter our bias until we see a clear break of the pennant. In anticipation of a breakout, volatility has been declining.
Prediction of XRP’s Short-Term Price
XRP will remain close to $1 until it is freed from the blue pennant. This is especially true as we approach the peak of the formation. With minimal price movements, volatility can continue to decline. This could change if volume returns and the price attempts to break from the $1 support.
Marla Brooks – Financial Analysis
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