XRP Consolidates Above $ 1 – Big Step Up?

XRP price found good support just above $ 1 and bears were unable to push the price down.

Major support levels: $ 1, $ 0.96.

Key Resistance: $ 1.20.

XRP is currently consolidating above the critical support at $ 1. The momentum in the market is decreasing and the volatility has been at a low level in the last few days.

This process can be interpreted as an expected pause in price after last week’s extensive market correction. Key resistance continues to hold at $ 1.20 and may not be tested anytime soon as price action shows indecision on the way forward.

The source: tradevlook

Technical indicators

Trading Volume: The volume is low and decreasing. This often suggests a volatility that could return in the near future when price determines the next trend.

RSI: The daily RSI continues to decrease. However, in the 4 hour timeframe, the indicator is making a higher low while the price is falling at pretty much the same level. This shows a bullish divergence and signals that XRP is looking to go up.

MACD: The MACD remains bearish on the daily and 4 hour timeframes. It is best to wait for the 4-hour MACD to turn up and the moving averages to form a bullish cross again before a new uptrend emerges.

Source: Tradingview

trend

The current XRP trend is neutral. The seventh largest cryptocurrency by market cap appears to have found reasonable support above USD 1. If these levels remain stable, XRP has a good chance to bounce back and try to break the USD 1.20 resistance.

Short term prediction of the XRP price

At the time of writing, XRP is showing low volatility and it may be a few more days for momentum to return to move the price again. Because of this, it can remain around the $ 1 support line without any significant price changes. When an uptrend begins, the first test of trend strength will be at the USD 1.20 resistance.

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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