XRP appears ready for higher highs. Can it break above $1.4?
Ripple (XRP) Price Predictions: Analysis
Key support levels: $1.3, 1
Key resistance levels: $1.6, $1.4
Key Resistance Under Pressure
Over the past two weeks, XRP has tested the key $1.4 resistance level twice. Each time, sellers managed to hold the price down and stop the rally. However, the price action appears keen to try again.
With bullish momentum increasing, another attempt to turn $1.4 into key support appears likely. To be successful, this cryptocurrency will need to attract more buying volume since it is currently lacking.
Bulls Struggle with Low Volume
The momentum indicators are curving up, and the price has held well above $1.3. While this has allowed XRP to consolidate here and form a strong base, the current buying volume appears too weak to support a breakout.
Still, it may be only a matter of time until XRP returns to $1.4, and any success there will be quick to attract new buyers seeking to take this cryptocurrency to $1.6, the next key level on the chart.
Bullish Cross on RSI and MACD next?
The weekly timeframe RSI is already bullish. This is the first in over six months and suggests buyers may be about to take over price action. The same trend can also be seen on the weekly MACD, which is about to do a bullish cross as well.
If nothing changes, by this time next week, this cryptocurrency is likely to break the $1.4 resistance and turn it into support. The key targets after that will be found at $1.6 and $2.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
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.
Be the first to comment