Bulls fail to create a breakout, which causes XRP to consolidate in a tight range

XRP has stopped its downtrend and is currently consolidating pending another attempt to break a major resistance.

• Key support levels: $ 0.75 and $ 0.7.
• Major resistance levels: $ 0.89 and $ 1.

The bulls have tried to halt the downtrend, at least for the time being, but haven’t been strong enough to break out. Because of this, the XRP price is consolidating between support ($ 0.75) and key resistance ($ 0.89).

The first attempt to break this important resistance last Thursday was rejected by the bears and the price remains in a tight range. The longer XRP stays in this range, the more likely the bulls are to have outbreak conditions.

The source: TradingView

Technical indicators

Volume: In the last week, the volume of the red daily candle was always higher than that of the green candle. This shows that the bears are in control of price action, at least for now.

RSI: The daily RSI is showing a bullish signal with a higher bottom after falling below 30 points in the oversold territory on the December 4th fall. If so, it is only a matter of time before the bulls try to break through resistance.

MACD: The daily chart’s MACD moving averages have stopped falling and are now turning up again. If a bullish crossover can be completed, the momentum shifts in favor of the bulls.

The source: TradingView

The current trend of XRP is neutral. A range break is required to change this trend.

Short term prediction of the XRP price

The indicators give some early signs that XRP might decide to move higher in the near future. This will be confirmed when the price breaks the critical resistance at $ 0.89. At the time of writing, XRP is still consolidating between the key levels above and it may take some time before another breakout attempt is made.

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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