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
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.
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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