XRP/USD – Bulls Continue Battle To Break Falling Trend Line.
Key Support Levels: $0.453, $0.42, $0.4.Key Resistance Levels: $0.5, $0.556, $0.6.
XRP has been trading inside a falling wedge pattern for the past month as it struggles to break the upper boundary of the formation. It had rebounded from the lower boundary of the wedge at the start of March but failed to surpass $0.5, the upper boundary, over the past fortnight.
XRP fell beneath support at $0.453 (.5 Fib) as it dropped to $0.4 (.618 Fib) at the start of this week. It rebounded from there on Monday as it started to push higher, but it is still struggling with the falling trend line (wedge’s upper boundary). Yesterday, XRP spiked as high as $0.55 but still closed the daily candle inside the wedge.
XRP/USD Daily Chart. Source: TradingViewXRP-USD Short Term Price Prediction
Looking ahead, the first level of resistance lies at the upper boundary of the wedge. Above this, resistance lies at $0.5, $0.556 (2019 Highs), and $0.6. Additional resistance lies at $0.648 (bearish .786 Fib) and $0.685 (1.272 Fib Extension – blue).
On the other side, the first support lies at $0.453 (.5 Fib). This is followed by $0.42 (100-day EMA), $0.4 (.618 Fib), and $0.375 (200-days EMA).
The RSI recently broke back above the midline, indicating that the bulls are attempting to take control of the market momentum. If the RSI can rise higher from 50, the increased bullish momentum should help XRP break above the wedge and push past $0.5.
XRP/BTC – Market Trades Inside January Trading range
Key Support Levels: 800 SAT, 740 SAT, 670 SAT.Key Resistance Levels: 867 SAT, 1000 SAT, 1200 SAT.
XRP is …
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