XRP is trading in a narrow range, is there a big move going on?

• Major support level: $ 1.07; $ 0.97
• Key Resistance: $ 1.2

The XRP price has hovered above $ 1.07 in the past three days. Any pullback will be quickly defended by the bulls who have so far managed to keep XRP above this key level.

Currently, the price movement of XRP is compressed in a descending triangle (in blue). Such moves often precede a major move.

XRP / USDT daily chart | Source: TradingView

Technical indicators

Trading Volume: Volume has decreased as XRP approaches the end of the triangle pattern. As soon as it breaks out, the volume can increase again.

RSI: Correlated to price movement, the RSI has hit lower highs. This movement is inclined downwards.

MACD: The daily time frame moving averages have created a bearish cross, suggesting that XRP could fall below $ 1.07. His histogram also supports this prospect,

If so, the next support for the bulls is at $ 0.97. The loss of this level confirms that the trend is downward.

XRP / USDT daily chart | Source: TradingView

Perspectives

Neutral. XRP price could go either way and a breakout of the triangle pattern could happen at any time. While the MACD is giving a bearish signal, it is too early to determine the direction of the breakout.

The price can move quickly towards $ 1.2 on a breakout above the triangle and $ 0.97 on a breakout below.

The direction of the long-term trend will be confirmed if the price breaks out of this range ($ 0.97 – $ 1.2).

You can see the XRP price here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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According to Cryptopotato

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