XRP Stuck in Consolidation, Big Move Soon?

Main levels of support: $0.70

Key Resistance Level: $0.85

The momentum simply wasn’t there over the weekend to drive the price higher, leading to today’s decline towards key support at $0.70. The resistance at $0.85 is still a long way off and XRP seems unable to muster sufficient strength to go higher at this time.

Chart by TradingView

Technical indicators

Trading volume: The low volume sucked momentum from XRP which appears to be experiencing a pullback at the time of this post.

IRS: The daily RSI has failed to reach a high so far. XRP simply needs more volume and momentum to go higher.

MACD: The daily MACD made a bullish crossover last Friday. This is good news for buyers, but the histogram shows a lack of momentum since the crossover.

XRPUSDT_2022-01-17_16-09-17
Chart by TradingView

bias

The current XRP bias is neutral. The cryptocurrency has so far failed to move higher and lacks volume.

Short term prediction for XRP price

If the buyers manage to take over, XRP may finally resume its uptrend towards the key resistance at $0.85. The current price action is stuck in a range and XRP has shown very little commitment to breakout.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off Binance Futures fees for the first month (terms).

PrimeXBT Special Offer: Use this link to sign up and enter code POTATO50 to get 25% off trading fees.

Disclaimer: The information found on CryptoPotato is that of the named authors. It does not represent the opinions of CryptoPotato on whether to buy, sell or hold investments. You are advised to conduct your own research before making any investment decision. Use the information provided at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Comments are closed.