XRP managed to break above key resistance at $0.65 on Friday as the price has consolidated above that level since then. The question is whether $0.65 can be tested and confirmed as support so that XRP can continue higher.
Key Support levels: $0.65, $0.58
Key Resistance level: $0.70, $0.79
Ripple’s XRP had seen a green weekend so far, managing to hold above $0.65, which has now turned into support.
There appears to be a pause in momentum, indicating some indecision in the price action. The next challenge for XRP is to break the key resistance at $0.70, which would once again pave the way for an attempt at $1.
Technical Indicators
Trading Volume: Decent amount of volume on Friday and Saturday. However, today’s volume (Sunday) is quite low.
IRS: The daily RSI has reached a high, so a possible pullback is likely. It will be a retest of the key support at $0.65 before continuing.
MACD: The daily MACD remains bullish and has sufficient momentum behind it even considering today’s low volume. The histogram continues to make higher highs which is bullish.
bias
The current XRP bias is bullish. However, the $0.70 resistance does not leave much room for the price to rise without a pullback or consolidation.
Better keep a close eye on Monday’s price action to assess the next move for XRP.
Short term prediction for XRP price
XRP turned bullish over the weekend, as long as it holds key support. If the momentum continues, a break above $0.70 becomes likely. However, the latter could be difficult as sellers will likely fight resistance before letting XRP rise towards $1.
