Chart by TradingView
Key Support levels: $0.70
Key Resistance level: $0.96, $1
Ripple’s XRP broke the critical resistance at $0.70 with significant volume yesterday, and the price rallied all the way to $0.91 (Bitstamp exchange). The 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.
Trading Volume: Strong buy volume yesterday and today. This confirms the breakout and gives confidence that XRP may eventually 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 move higher with expanding moving averages and higher highs on the histogram. There is no expectation for this momentum to change at this time based on the MACD therefore, the likelihood of price reaching $1 appears high.
The current XRP bias is bullish. The break above $0.70 has changed the bias to bullish.
The volume and momentum behind this latest price action are positive, and it seems likely for XRP to reach $1 before any significant resistance is faced. There is also the possibility of some short-term pullbacks on the way there, but the overall price action remains bullish.
