Today, buyers were put under pressure, but they resisted. This instils some confidence, albeit under adverse circumstances.
Key Support level: $0.70, $0.58
Key Resistance levels: $0.86
The price of XRP has managed to maintain far above the critical support level of $0.70, and now lower timeframes such as the 4-hour chart are turning bullish, which could result in a brief relief rally. Although it is improbable that the price would reach the critical resistance level of $0.86, this is a positive indication for bulls.
Technical Indicators
Trading Volume: Given the low volume, it is prudent to exercise caution during any relief rally, as it may trap purchasers.
RSI: Although the daily RSI remains flat, it is currently attempting to curve upward. If the price continues to rise, the RSI may reach a new high, but that seemed optimistic at the moment.
MACD: The MACD on a daily basis is negative. The histogram is indicating that the lows are becoming higher, which is positive, but additional evidence is required.
Bias
The current bias is neutral and will remain so as long as the critical support level remains intact.
Price Prediction for XRP in the Short Term
While buyers have done an excellent job thus far of keeping XRP above important support around $0.70, there is a good probability bears will attempt to break it again. The next few days appear likely to be extremely volatile.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
