Main support levels: $0.70
Key resistance level: $0.96, $1
Ripple’s XRP broke through critical resistance at $0.70 with heavy volume yesterday, and the price climbed as high as $0.91 (Bitstamp exchange). Previous resistance has now turned into support, and the next key levels to watch are at $0.96 and $1.
After a sharp rally yesterday, XRP may consolidate or suffer from a temporary pullback in the next few days before testing the $1 level.
Technical indicators
Trading volume: Strong buying volume yesterday and today. This confirms the breakout and gives confidence that XRP could possibly test the key psychological level at $1.
RSI: The daily RSI is in the overbought area at over 70 points. There is still space to go higher but it’s important to remain very careful at these levels.
MACD: The daily MACD continues to rise with expanding moving averages and higher highs on the histogram. This momentum is not expected to change at the moment based on the MACD, therefore, the probability of the price reaching $1 seems high.
Bias
The current XRP bias is bullish. The break above $0.70 has changed the bias to bullish.
Short term prediction for XRP price
The volume and momentum behind this latest price action is positive, and it seems likely that XRP will hit $1 before any significant resistance. There is also the possibility of some short-term pullbacks along the way, but the overall price action remains bullish.
