Tuesday, July 16, 2024

Ripple Price Analysis: XRP Sees a Green Week, Against the Trend

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XRP had a great end of the week, unlike the current sentiment of the crypto markets.

Key Support level: $0.70, $0.58

Key Resistance levels: $0.85

XRP recovered well after touching the key support at $0.70 and rallied 10% on Friday. As usual, the current weekend sees almost no volume and not much price action. The next key resistance lies at $0.85 and could be tested soon if XRP opens the new week in green.

Chart by TradingView
Technical Indicators
Trading Volume: The volume is low as of now, but XRP had seen a massive spike on Friday. Could this continue on Monday?

RSI: The daily RSI remains around 50 points and has not yet formed a clear trend. Price has to continue up to turn this flat trend into a sustained rally.

MACD: The daily MACD could turn bullish tomorrow if XRP manages to push higher again. If buyers return, the moving averages are a day away from a positive cross.

Chart by TradingView
The current bias is neutral, but it can turn bullish if buyers return on Monday.

Short-Term Prediction for XRP Price
The indicators hint that XRP may continue upwards to test the key resistance at $0.85. Buy pressure was lacking over the weekend, but this can quickly change on Monday.

The current flat consolidation trend may end if buyers manage to move the price above the key resistance and turn it into support.

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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.

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