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Ripple Price Analysis: XRP Skyrockets 9%, Here is The Next Target to Watch

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Ripple Price Analysis: XRP Skyrockets 9%, Here is The Next Target to Watch

XRP had seen a green week following a price increase of over 24%. Since yesterday, Ripple has surged by almost 9%.

Key Support level: $0.70

Key Resistance levels: $0.96, $1

Ripple’s XRP continued higher during the weekend despite the lower volume and negative crypto sentiment. However, the XRP price has not yet managed to chart a higher high, and the key resistance at $0.96 remains the critical level to watch.

In addition, the support at $0.70 has not been retested (and confirmed as support). This gap can never close, but for a healthy uptrend, XRP should retest and find support at $0.7.

Ripple Price Analysis: XRP Skyrockets 9%, Here is The Next Target to Watch

Technical Indicators

Trading Volume: After a decent amount of volume during last week’s rally, XRP calmed down this weekend (typical), but volume remained stable.

RSI: The daily RSI is curving back up after a short correction from the overbought territory. We should keep an eye on Monday’s price action as that will decide where XRP is headed next.

MACD: The daily MACD remains bullish, but the histogram makes lower highs. This may indicate the first signs of weakening bullish momentum. However, it is too early to call a correction.

Ripple Price Analysis: XRP Skyrockets 9%, Here is The Next Target to Watch

Bias

The current XRP bias is bullish.

Short-Term Prediction for XRP Price

If the momentum persists, XRP is likely to test the critical resistance zone at $0.96 – $1 in the coming week. Success there would propel XRP to consolidate above the coveted $1 mark. Nevertheless, best to be cautious as the crypto market appears a bit indecisive, which may impact XRP’s price action.


Source: ethereum.today

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