XRP cops are trying to make a return after many forgotten days
- Major support levels: $ 1.06, $ 0.96
- Key Resistance: $ 1.2
After falling on October 27, XRP entered a continuous rally in the days that followed, rising 20% and nearing the stiff resistance of $ 1.2.
This move helped XRP break above the symmetrical triangle (in blue), but the bear selling pressures at higher levels caused the price to slide back. For now, the bulls are trying to keep the price above the triangle’s resistance line.
The next support is found at $ 1.06. If XRP holds above this level, the bulls could make another attempt to challenge the $ 1.2 resistance.
XRP / USDT daily chart | Source: TradingView
Volume: Volume is rising again as the bulls take control of price action and are currently hovering above $ 1, if this continues the bulls could make another attempt to push price above the threshold, resistance at 1.2 $ (as mentioned above).
RSI: The RSI bounced back from oversold territory on October 27th and is moving up quickly, showing that momentum is picking up. The RSI has made a higher low and if it consolidates above the 50 mark and moves up, XRP will confirm a bullish reversal.
MACD: In the daily timeframe, the MACD is still in negative territory but trending up. Shows that the pressure to sell is easing.
XRP / USDT 4-hour chart | Source: TradingView
Price action and technical indicators suggest the bulls may hold the price above the next support at $ 1.06. If so, they will make one more attempt to break the rigid resistance at $ 1.20.
A break above this level confirms that the uptrend has continued with the next target at $ 2.
Contrary to this assumption, if XRP loses $ 1.06, the next major support is at $ 0.96.
You can see the coin prices 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.
According to Dailyhodl