Ripple Price Analysis: XRP Skyrockets 9%, Here is The Next Target to Watch
XRP had seen a green week following a price increase of over 24%. Since yesterday, Ripple has surged by almost 9%.
Key Support level: $0.70
Key Resistance levels: $0.96, $1
Ripple’s XRP continued higher during the weekend despite the lower volume and negative crypto sentiment. However, the XRP price has not yet managed to chart a higher high, and the key resistance at $0.96 remains the critical level to watch.
In addition, the support at $0.70 has not been retested (and confirmed as support). This gap can never close, but for a healthy uptrend, XRP should retest and find support at $0.7.
Technical Indicators
Trading Volume: After a decent amount of volume during last week’s rally, XRP calmed down this weekend (typical), but volume remained stable.
RSI: The daily RSI is curving back up after a short correction from the overbought territory. We should keep an eye on Monday’s price action as that will decide where XRP is headed next.
MACD: The daily MACD remains bullish, but the histogram makes lower highs. This may indicate the first signs of weakening bullish momentum. However, it is too early to call a correction.
Bias
The current XRP bias is bullish.
Short-Term Prediction for XRP Price
If the momentum persists, XRP is likely to test the critical resistance zone at $0.96 – $1 in the coming week. Success there would propel XRP to consolidate above the coveted $1 mark. Nevertheless, best to be cautious as the crypto market appears a bit indecisive, which may impact XRP’s price action.
