XRP bulls wiggle when defending the critical support of 1 USD
XRP bulls wiggle when defending the critical support of 1 USD
key support level: $ 1
key resistance level: $ 1.2; 0.85 $
The price of XRP fell under the bullish parabola (marked yellow) in our last analysis. Even if a recovery is still possible, the current price campaign indicates that XRP is sitting on the $ 1 support, which is the last defense before a possible decline towards $ 0.85. The most important resistance level to be taken into account is 1.2 USD
Technical indicators
volume: The volume is flat and does not allow a rally to be expected in the near future. In addition, the band concluded with a red bar in the last three days.
rsi: The RSI sinks on the daily time frame. This confirms that the immediate trend is declining.
macd: The histogram of the MacD has moved to the negative side and the sliding average has completed a declining crossover. This is not a good signal for the bulls, which indicates that the bears have control over the price, which could even test lower support levels such as $ 0.85.
bias
For the bulls, it can be argued that the price could recover if 1 USD continues. On the other hand, a breakthrough under this level would make the tendency to be bear. This has not yet happened. However, there are some early warning signs, as the indicators show. In this case, the price could drop to $ 0.85.
Short-term price forecast for the XRP Prize
In view of the current price movement, it does not seem as if XRP can test the key resistance at 1.2 USD again in the foreseeable future. It is therefore more likely that the price will remain close to the shortage of volume and dynamics in the near future. At the same time, it could be good to prepare for a possible interruption of the support that XRP would press at lower levels as described above..
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