XRP Breaks Above Critical Support, What's the Next Target?

XRP Breaks Above Critical Support, What’s the Next Target?

1 March 2022

in XRP

Reading Time: 2 mins read

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Key Support level: $0.70, $0.58

Key Resistance levels: $0.86

After a strong bounce, XRP managed to get back above the key support at $0.70. This is a good sign and shows buyers are keen to scoop the cryptocurrency at a discount. Now, XRP seems keen to move higher again. If buy pressure increases, it could reach the resistance at $0.86.

Chart by TradingView

Technical Indicators

Trading Volume: The volume is quickly falling. This could be a sign that buyers are getting exhausted. For now, the key support has held well.

RSI: The daily RSI is moving higher with higher lows – this is a bullish signal.

MACD: The daily MACD is bearish but is now quickly approaching a possible crossover to the positive side. If the current momentum maintains, XRP may reach the key resistance soon.

XRPUSDT_2022-03-01_14-13-00 — Chart by TradingView

Bias

The current bias is neutral. The price has been consolidating between the key levels.

Short-Term Prediction for XRP Price

XRP seems to consolidate above the key support at $0.70 and may be preparing a possible test of the resistance at $0.86. There are some early bullish signals, but XRP needs more momentum to confirm this and turn the bias bullish.

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Cryptocurrency charts by TradingView.

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