Chart by TradingView
Key Support level: $0.70, $0.58
Key Resistance levels: $0.85
XRP’s price appears to have broken away from the downtrend that started in February and with a bit more volume, it could challenge the resistance at $0.85. The support at $0.70 managed to stop sellers and buyers appear in control of the price action at the time of this post.
Trading Volume: The volume is low, but this can quickly change if bullish momentum grows.
RSI: The daily RSI has moved above 50 points and could make a higher high if buyers continue to support this price action.
MACD: The daily MACD is bearish, but this could change in the next few days as a bullish crossover looms.
The current bias is neutral. XRP has to break away from the current range to change this.
The indicators, as well as the price action, suggest that XRP may be preparing for a sustained rally after quite a significant correction that saw the price fall from 90 cents to 70 cents. If this is confirmed, then the biggest challenge for XRP is to break above the $0.85 key resistance level.
