Ripple Price Analysis: XRP Bulls Eye $1.4 Following a Break of Important Resistance
Key Support levels: $1.2
Key Resistance level: $1.4
XRP rallied in the past two days, and the price stands above $1.2, which was the previous resistance now turned support. The next key resistance, which will be more difficult to break, sits at $1.4. Bears were rather shy on this rally, and they may preserve their strength for the key resistance where XRP can experience a more significant pullback.
Technical Indicators
Trading Volume: Good volume since the price broke above the blue triangle. However, the momentum seems to be decreasing slightly for the bulls. This may lead to a re-test of the $1.2 support before a further price increase.
RSI: The RSI has made a higher high on the daily timeframe, this is bullish, and it is very close to breaking above 70 points. This indicates that a strong bullish trend is at play.
MACD: On the daily timeframe, the MACD continues to move higher on the histogram and moving averages. This is expected to continue until the price faces the resistance at $1.4.
Bias
The bias remains bullish on XRP. The indicators are currently positive after XRP broke above $1.2. So long as the price stays above this level, the trend is bullish.
Short-Term Prediction for XRP Price
Now that XRP has cleared the $1.2 level, the bulls can target the next key resistance at $1.4. However, it is unlikely that this will be a smooth ride, and the price can face some short pullbacks on the way.
Text source: CryptoPotato
