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