XRP continues to consolidate after hitting the local high at $0.91

XRP tried to break above $0.85 yesterday but sellers stopped it and pushed it into a pullback.

• Key support: $0.70
• Key Resistance: $1

For a week, XRP has been stuck in a major range between the critical $1 resistance and the $0.70 support. After hitting a local high at $0.91, the cryptocurrency consolidated without enough momentum to break out of this range.

The current price action has formed a major flag pattern that will likely resolve soon.

Source: TradingView

Technical indicators

Volume: Volume continues to decrease as consolidation progresses. However, once the price breaks out of the flag pattern, volume can pick up again.

RSI: The daily RSI has made a lower high and is turning bearish, which is signaling a possible bearish scenario in the near term.

MACD: Similar to the RSI, the MACD-Histogram has come down and has made a lower high since the start of the consolidation. While the MACD remains in positive territory, the moving averages are falling and a bearish cross could form if XRP breaks below the flag pattern.

Source: TradingView

Perspectives

The current trend of XRP is neutral. In the short term, prices are likely to move sideways.

Short term prediction

XRP has lost its bullish momentum and is likely to continue consolidating in the current range. A breakout from the flag pattern indicates the direction of XRP’s next move.

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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