Key assistance levels: $ 1.13; $ 1.06
Key Resistance level: $1.2; $1.4
As expected in our last analysis, XRP climbed to $ 1.2 but was then quickly rejected by bears and pushed lower towards support at $ 1.13. This shows that the bulls still do not have enough strength to sustain a rally. For now, the support level holds and could lead to another attempt by the bulls to break above $ 1.2. If successful, this can push XRP higher towards $ 1.4.
Technical Indicators
Trading Volume: The rejection by the bears at the $1.2 resistance was sharp. However, the volume is currently decreasing. Therefore the bears are losing interest at these price levels, and bulls may take over once more.
RSI: Despite the bears’ brutal rejection, the RSI managed to create a higher high over the daily period. This is bullish in the long term, and the current drop in the price may be a temporary pullback before bulls make a new attempt at breaking the key resistance.
MACD: On the daily horizon, the MACD remains bullish, despite a declining histogram. A quick recovery from the bulls in the next few days can turn the tide back on the uptrend.
Bias
The bias remains bullish on XRP as long as it manages to keep the price above $ 1. The current correction can be interpreted as a short pullback before the price can continue its uptrend.
Short-term prediction of XRP price
Despite the rejection, the Bulls managed to make a higher on price and RSI. This indicates that the general trend is bullish. In this context, buyers may attempt another break at $1.2 before going for the next resistance at $1.4. Unless the bears step up their efforts, it is likely that we will continue to see XRP above $ 1 in the coming days.
