Hot News

Ripple Price Analysis: XRP Skyrockets 10% in a Day, $1 Imminent?

Key Support levels: $0.89

Key Resistance level: $1

The bullish signs discussed in our last XPR analysis proved correct, and XRP rallied. In doing so, the cryptocurrency broke the resistance at $0.89. The price is currently taking a pause as it looks ready to test the resistance at $1. The momentum and volume on this last move give hope for a sustained recovery. However, breaking above $1 would definitely take some strength.

Ripple Price Analysis: XRP Skyrockets 10% in a Day, $1 Imminent?

Chart by TradingView

Technical Indicators

Trading Volume: Good volume during the break above $0.89 as the price rallied without looking back. The bulls have the upper hand right now.

RSI: The daily RSI increased as well and topped at 56 points. To sustain the bullish bias, the RSI should do a higher high in the near future. Failure to do so would put the current rally in question.

MACD: The daily MACD exploded higher, and the momentum favors continuation in this price action which should put pressure on the $1 resistance. MACD remains bullish, and there are no signs of weakness right now.

Read more:  Bitcoin Spikes to $52K: Highest Since Mid-May (Market Watch)

Ripple Price Analysis: XRP Skyrockets 10% in a Day, $1 Imminent?

Chart by TradingView

Bias

The current XRP bias is bullish. It is important to watch the price action at $1 as that is a critical level to break in order for it to sustain this momentum.

Short-Term Prediction for XRP Price

XRP capitalized on a favorable market where both ETH and BTC broke their key resistance levels and thus, t rallied above $0.89. However, the resistance at $1 is much more significant, and it will be harder to crack.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to $1750.

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.

Read more:  Mercado Libre Made a Strategic Investment in Paxos and Mercado Bitcoin

Tags: Ripple (XRP) Price

Leave a Reply

Your email address will not be published.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

Back to top button