Market

XRP failed to break the resistance and is now facing critical support again

Like the general situation in the crypto market lately, XRP has seen some bullish momentum and retested a key resistance level. However, bears took over the market with Bitcoin being rejected by the $40,000 zone. Key support remains around $0.58.

Major support levels: $0.58, $0.50.

Major resistances: $0.65, $0.7.

XRP was up nearly 10% on Monday and Tuesday but gave up most of those gains after a sharp pullback from the bears in the second half of the week. The critical resistance stands at $0.65 and if the selling strengthens, XRP is likely to test the critical support at $0.58.

Source: TradingView

Technical indicators

Trading Volume: Bears have been dominating the market for the past few days, pushing XRP lower. However, the selling pressure is currently (so far) at low volume and is therefore likely to be short-lived.

RSI: The daily RSI is forming a higher low, which is an encouraging sign. Until the RSI makes a higher high, the current downtrend is unlikely to end.

MACD: The daily MACD made a bullish crossover on Tuesday, encouraging buyers. However, their euphoria faded as the bears continued to control the price action. Currently, the MACD is still rising and this could be a short-term pullback.

Source: TradingView

The current XRP trend is neutral and a break of the key resistance is required to switch to an uptrend.

Short term prediction for XRP price

The MACD is giving a bullish signal, but it may be too early to act as the bears are taking over. For this reason, it is best to give the price action more time to turn green, and XRP is likely to remain range trading between key resistance and support for the foreseeable future.

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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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.