Ripple Price Analysis: XRP Stuck in Consolidation, Big Move Coming Soon?

Ripple Price Analysis: XRP Stuck in Consolidation, Big Move Coming Soon?

Key Support levels: $0.70

Key Resistance level: $0.85

The momentum was simply not there over the weekend to push the price higher and this led to today’s decline towards the key support at $0.70. The resistance at $0.85 is still far away and XRP appears unable to muster sufficient strength to go higher at this time.

XRPUSDT_2022-01-17_16-09-37
Chart by TradingView

Technical Indicators

Trading Volume: The low volume has sucked out the momentum from XRP which appears to suffer a pullback at the time of this post.

RSI: The daily RSI has failed to make a higher high to date. XRP simply needs more volume and momentum to go higher.

MACD: The daily MACD completed a bullish crossover last Friday. This is good news for buyers, but the histogram shows a lack of momentum since the crossover.

XRPUSDT_2022-01-17_16-09-17
Chart by TradingView

Bias

The current XRP bias is neutral. The cryptocurrency has so far failed to move higher and lacks volume.

Short-Term Prediction for XRP Price

If the buyers manage to take over, then XRP can finally resume its uptrend towards the key resistance at $0.85. The current price action is stuck in a range and XRP showed very little commitment to break away.

editorial staff

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