XRP managed to break above key resistance at $0.65 on Friday as the price has consolidated above that level since then. The question is whether $0.65 can be tested and confirmed as support so that XRP can continue higher.
Main support levels: $0.65, $0.58
Key resistance level: $0.70, $0.79
Ripple’s XRP had had a green weekend so far, managing to hold above $0.65, which has now turned into support.
There appears to be a pause 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 once again pave the way for an attempt at $1.
Trading volume: Decent amount of volume on Friday and Saturday. However, the volume for today (Sunday) is quite low.
IRS: The daily RSI has reached a high, so a possible pullback is likely. It will be a retest of the key support at $0.65 before continuing.
MACD: The daily MACD remains bullish and has ample momentum behind it, even given 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 much room for the price to rise without a pullback or consolidation.
Better keep a close eye on Monday’s price action to gauge the next move for XRP.
Short term prediction for XRP price
XRP turned bullish over the weekend, as long as it holds key support. If the momentum continues, a break above $0.70 becomes likely. However, the latter could be difficult as sellers will likely fight resistance before letting XRP rise towards $1.
Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off Binance Futures fees for the first month (terms).
PrimeXBT Special Offer: Use this link to sign up and enter code POTATO50 to get 25% off trading fees.
Disclaimer: The information found on CryptoPotato is that of the cited authors. It does not represent the opinions of CryptoPotato on whether to buy, sell or hold investments. You are advised to conduct your own research before making any investment decision. Use the information provided at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.