XRP managed to break above the key resistance at $0.65 on Friday, as the price has been consolidating above this level since then. The question is if $0.65 can be tested and confirmed as support so that XRP can continue even higher.
Key Support levels: $0.65, $0.58
Key Resistance level: $0.70, $0.79
Ripple’s XRP had seen a green weekend so far, managing to hold above $0.65, which has now turned into support.
There seems to be a break in momentum, indicating some indecision in the price action. The next challenge for XRP is to break the key resistance at $0.70, which would open the way for a $1 attempt once again.
Trading Volume: Decent amount of volume on Friday and Saturday. However, today’s volume (Sunday) is quite low.
RSI: The daily RSI has made a higher high, therefore a possible pullback is likely. This will be a retest of the key support at $0.65 before continuing.
MACD: The daily MACD remains bullish and has sufficient momentum behind it even considering today’s low volume. The histogram continues to make higher highs which is bullish.
The current XRP bias is bullish. However, the $0.70 resistance does not leave a lot of room for the price to move higher without a pullback or consolidation.
Better keep a close eye on Monday’s price action to assess the next move for XRP.
Short-Term Prediction for XRP Price
XRP has turned bullish over the weekend, as long as it maintains the key support. If momentum continues, a break above $0.70 becomes likely. However, the latter could be challenging as sellers will likely fight at resistance before letting XRP move higher towards $1.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Credit: Source link