XRP is showing signs of strength despite recent rejection

XRP broke the symmetrical triangle and rose to the $ 1.2 resistance level. However, this was fleeting as the bears quickly pushed the price down.

• Key Support: $ 1.13; $ 1.06
• Key Resistance: 1.2 USD; $ 1.4

As predicted in our most recent analysis, XRP rose to $ 1.2 but was rejected by the bears afterwards. This shows that the bulls are still not strong enough to sustain a rally. For now, they hold key support and could make another attempt to break above $ 1.20. If successful, this can raise XRP to $ 1.40.

XRP / USDT daily chart | Source: TradingView

Technical indicators

Trading Volume: The bears’ rejection of the USD 1.2 resistance is clear. However, the volume is currently weakening. That means the bears might lose interest in these courses and the bulls could take over again.

RSI: Despite strong rejection from the bears, the RSI has made a higher high in the daily timeframe. This is a bullish signal and the current drop in prices could be a temporary retreat before the bulls make another attempt to break out of vital resistance.

MACD: On the daily timeframe, the MACD line is still bullish despite its histogram producing lower momentum bars. A quick rebound in the bulls over the next few days could reverse the upward trend.

XRP / USDT daily chart | Source: TradingView

Perspectives

Despite the rejection, the bulls made a higher high on the RSI. This is a sign that the momentum is increasing.

With that in mind, buyers could try again to break above the $ 1.2 resistance. If successful, the uptrend will be confirmed with the next target at USD 1.40.

The next support is at $ 1.13.

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.

SN_Nour

According to Cryptopotato

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