in

XRP Rangebound Around $1 as Breakout Appears Imminent


Key Support level: $1; $0.97

Key Resistance level: $1.2 

In the last three days, the XRP price has been hovering just above $1. Any pullbacks were quickly defended by the bulls, who have so far managed to keep XRP above this important level.

The XRP price action has been very quiet in the last few days, indicating that a break from the descending triangle (in blue) can be imminent. Usually, volatility always fades before a major break. Right now, the support at $1 is holding well, and the resistance at $1.2 can be tested in case of a break above the pennant.

img1_xrp
Chart by TradingView

Technical Indicators

Trading Volume: The volume has been fading as we approached the end of the pennant. As soon as it breaks, volume should return in strength.

RSI: In line with the price action, the RSI has been making lower highs. This leans on the bearish side.

MACD: The moving averages on the daily time frame completed a bearish cross two days ago, indicating XRP could break below $1. The histogram is also on the negative side. However, without XRP breaking below the $1 support, it is too early to jump on the bearish side.

img2_xrp
Chart by TradingView

Bias

Neutral. XRP price can go either way, and a break of the current pennant can happen at any time. While the MACD gives a bearish signal, it is too early to change bias until we have a clean break of the pennant. The volatility has been decreasing in anticipation of a breakout.

Short-Term Prediction for XRP Price

Until XRP breaks away from the blue pennant, the price will stay close to $1, particularly as we are approaching the apex of the formation. Volatility can continue to decrease with minimal price movements. This can change as soon volume returns, and the price makes an attempt to break away from the $1 support.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Nigeria

Nigeria Becomes First African Nation to Launch a CBDC

CryptoNewsZ

Matt Damon and Water.org Partner with Crypto.com, to Bring Safe Water to People in Need