Ripple Price Analysis: XRP Fails at Recovering, Bears Eye $1 as Next Target
Key Support levels: $1; $0.96
Key Resistance level: $1.2
The market is thirsty for discounts, and XRP was not spared. After the drop from $1.2, the cryptocurrency found good support at $1. However, the bears do not seem satisfied, and they are attempting another push lower at the time of this writing. Should they be successful, the bulls have another line of defense at $0.96.
Trading Volume: The volume has remained considerable since the drop in price, and any attempt from bulls to push XRP higher was swiftly rejected by bears that came in force to push the price back to $1 support.
RSI: The daily RSI has been falling for a while now, and the big question is if it can make a higher low. In such a scenario, the bulls may have a good chance at retaking control of the price. Until then, the trend remains bearish.
MACD: The daily MACD continues to fall, and there is no relief in this bearish momentum. Both the histogram and the moving averages are making lower lows. Even on the 4-hour timeframe, the MACD is curving back down after a bullish cross yesterday. This puts the trend firmly on the bearish side.
The current XRP bias is bearish. The indicators, as well as the price action, give no signal that this trend is coming to an end soon.
Short-Term Prediction for XRP Price
At the time of this post, XRP is fighting to remain above $1. This is a key psychological level, and the bulls will do their best to defend it. If they fail then, XRP can fall to the next support level at $0.96. Until a winner is decided, XRP will hover just above $1.Source