Ripple Price Analysis: XRP Consolidation Above $1 Hints at a Big Move Incoming

Ripple Price Analysis: XRP Consolidation Above $1 Hints at a Big Move Incoming

Key Support levels: $1; $0.96

Key Resistance level: $1.2

XRP’s price is currently consolidating above the key support level at $1. The momentum in the market has reduced, and XRP volatility has been low in the past few days.

This is an expected pause after the broad market correction from last week. The key resistance continues to be at $1.2 and might not be tested any time soon since XRP price action shows some indecision on the way forward.

Technical Indicators

Trading Volume: The volume is low and decreasing. This usually predates volatility that can return in the near future as the price decides where to go next.

RSI: The daily RSI continues to fall. However, on the 4-hour timeframe, it is making higher lows while the price is pretty much at the same level. This hints at a bullish divergence and may indicate that XRP wants to go higher.

MACD: MACD remains bearish on daily and 4-hour timeframes. It is best to wait for the 4-hour MACD to curve back up and do a bullish cross again on the moving averages before a renewed uptrend.

Bias

The current XRP bias is neutral. The cryptocurrency appears to have found good support above $1. If this level holds, XRP has a good chance to rally and try to break the $1.2 resistance.

Short-Term Prediction for XRP Price

At the time of this post, XRP has low volatility and may need a few more days before momentum returns to move price again. For this reason, it can continue to sit around the $1 support line without any significant changes in price. If a rally starts, then the first test of the bull’s strength will be found at $1.2.

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