Ripple Price Analysis: XRP Rejected at $1.2 but Bullish Momentum Remains

0 0

Key Support levels: $1.13; $1.06

Key Resistance level: $1.2; $1.4

As predicted in our last analysis, XRP rallied to $1.2 but was then quickly rejected by the bears and pushed lower to the support at $1.13. This shows that the bulls still do not have enough strength to sustain a rally. For now, the support level holds and may lead to another attempt from bulls to break above $1.2. If successful, this can push XRP higher towards $1.4.

img1_xrp
Chart by TradingView

Technical Indicators

Trading Volume: The rejection by the bears at the $1.2 resistance was sharp. However, the volume is currently fading. Therefore the bears are losing interest at these price levels, and bulls may take over once more.

RSI: Despite the sharp rejection by the bears, the RSI managed to create a higher high on the daily timeframe. This is bullish in the long term, and the current drop in the price may be a temporary pullback before bulls make a new attempt at breaking the key resistance.

MACD: On the daily timeframe, the MACD remains bullish, despite a falling histogram. A quick recovery from the bulls in the next few days can turn the tide back on the uptrend.

img2_xrp
Chart by TradingView

Bias

The bias remains bullish on XRP as long as it manages to hold the price above $1. The current correction can be interpreted as a short pullback before the price can continue its uptrend.

Short-Term Prediction for XRP Price

Despite the rejection, the bulls did manage to make a higher high on price and RSI. This is indicative that the larger trend is bullish. In this context, buyers may attempt another break at $1.2 before going for the next resistance at $1.4. Unless the bears step up their efforts, it’s likely that we will continue seeing XRP above $1 in the coming days.

You might also like

Leave A Reply

Your email address will not be published.