Ripple is a cryptocurrency that is being focused on by many analysts and investors due to its potential for exponential growth in the long term.
The Ripple price chart shows that the Ripple XRP token is still in a bearish trend against the U.S. dollar, with a short-term bullish outlook.
Bears were able to push XRP back to support at $1.2 after it broke above the pennant and rallied to the resistance at $1.2.
Key Support levels: $1.13; $1.06
Key Resistance level: $1.2; $1.4
XRP rallied to $1.2 as predicted in our last analysis but was quickly rejected by the bears and pushed lower to $1.13, showing that the bulls do not possess the strength to sustain the rally.As of now, the support level holds and may lead to another attempt from bulls to break above $1.2. If successful, this could push XRP higher towards $1.4.
Will XRP Be The Next Bitcoin?
Trading Volume: As a result, the bears were sharply rejected at the $1.2 resistance. However, volume is fading. Therefore, the bears are losing interest at these levels, and bulls may take over again.
RSI: Despite the bears’ sharp rejection, the RSI managed to make a higher high on the daily timeframe. This is bullish in the long term, and the drop in the price may be a temporary pullback before bulls attempt a new break of the key resistance.
MACD: The MACD remains bullish on the daily timeframe despite a falling histogram. A quick recovery from the bulls in the next few days could turn the tide back in favor of the uptrend.
XRP To Remain Above $1 For The Foreseeable Future
As long as XRP is able to hold its price above $1, the bias is bullish. The current correction is merely a short pullback before another uptrend begins.
On price and RSI, the bulls made a higher high despite the rejection. That indicates the larger trend is bullish. In this context, buyers may attempt another break at $1.2 before going for $1.4.
The price of XRP is likely to remain above $1 in the coming days unless the bears step up their efforts.
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Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
