XRP/USD – Bulls Struggle To Spike Past $0.6.
Key Support Levels: $0.556, $0.52, $0.5.Key Resistance Levels: $0.588, $0.6, $0.65.
XRP has been performing well over the second half of March after climbing by 45% from the monthly low of $0.4 to reach the current $0.58 level. The cryptocurrency has formed a rising wedge pattern as it battles to break the upper boundary.
It has been spiking higher over the past week, briefly pushing above $0.6 four times during the period. However, it continues to struggle to break the wedge’s upper boundary and it would need to be penetrated to allow XRP to close a daily candle above $0.6 and head back toward the 2021 highs at around $0.69.
XRP/USD Daily Chart. Source: https://www.tradingview.com/x/JdeYszFh/XRP-USD Short Term Price Prediction
Looking ahead, the first level of resistance lies at the upper boundary of the wedge which is bolstered by a short-term 1.272 Fib Extension at $0.588. This is followed by $0.6, $0.65 (bearish .786 Fib Retracement), and $0.685 (longer termed 1.272 Fib Extension).
On the other side, the first support lies at $0.556 (2019 Highs). This is followed by support at the wedge’s lower boundary, around $0.52, $0.5, and $0.453 (.5 Fib).
The RSI has been in the bullish favor for the past fortnight as it sits above the midline. It is attempting to rise and will need to push higher to allow XRP to break toward the current wedge’s upside.
XRP/BTC – Market Forms Short Term Ascending Triangle.
Key Support Levels: 970 SAT, 900 SAT, 867 SAT.Key Resistance Levels: 1100 SAT, 1050 SAT, 1200 SAT.
XRP had pushed above a descending trend line …
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