XRP is consolidating above the $1.4 support. Can it test $1.6 next?
Ripple (XRP) Price Predictions: Analysis
Key support levels: $1.4
Key resistance levels: $1.6, $2
Key Resistance About to be Tested?
After a successful defense of the $1.4 support, XRP appears ready to test the key $1.6 resistance. This comes after the price managed to break out of the blue pennant shown in the chart below.
This breakout is typically a buy signal, but bullish momentum remains shy without a significant rally so far. Nevertheless, this can change in the days and weeks to come, as buyers decide to test the key resistance.
Is a Rally Imminent?
After breaking from the pennant, XRP may enter into a sustained rally. The first challenge is found at $1.6. If that resistance falls, then this cryptocurrency will have a clear path towards $2 next.
While bullish momentum remains low, it can start to build from here, and a breakout above $1.6 would reinforce and encourage buyers to rush to XRP. Right now, the momentum indicators give a bullish bias, but volume remains low. This shows conviction is still not here yet.
Weekly MACD Stays Bullish
With this latest breakout, the weekly MACD continued to make higher histogram highs. This is exactly what we want to see to maintain a bullish bias. As long as this continues, a higher price for XRP remains likely.
Even if buyers remain shy at this time, the price and indicators lean toward the bull side. Once the price starts to move higher, volume can catch up and allow a breakout at $1.6. That would be a necessary development for higher highs later this month.
Prefer CryptoPotato on Google News – Never miss a breaking move
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
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.
