XRP Analysis
2 years ago

Ripple Price Analysis: Are XRP Bulls Preparing For Another Shot at $1.4?

Duo Nine Nov 15, 2021 12:53
XRP has established good support at $1.2 and it appears to have formed an ascending channel with the first target sitting at $1.4.

Key Support levels: $1.2

Key Resistance level: $1.4

If the ascending channel does not break, XRP looks primed for a rally towards the resistance at $1.4. At the time of this writing, XRP was just above the support level at $1.2 which may provide a tentative entry if the bulls come in force to take the cryptocurrency higher. The momentum and volume are low right now, but this can change in an instant considering XRP’s past performance.

Chart by TradingView

Technical Indicators

Trading Volume: Volume was low over the weekend and this hasn’t changed today as well. Despite this, the bulls were able to keep XRP above $1.2 and may push prices higher in the next few days.

RSI: The RSI is curving up on the daily timeframe which may lead to a nice rally if sustained.

MACD: On the 4-hour timeframe, the MACD is bullish, and considering that the price is at the support level, the likelihood of a rally increases. On the daily timeframe, MACD did a bearish cross on the moving averages two days ago, but this will only become a concern if the XRP price falls below the key support.

Chart by TradingView

Bias

The bias is bullish on XRP as long as the price does not fall under $1.2. The indicators are also giving some good hints that the price may move higher soon.

Short-Term Prediction for XRP Price

The most important target on the chart right now is the $1.4 level representing the key resistance. During the last push higher, the bulls were rejected by the bears before reaching this level. However, the current price action shows that bulls may be preparing for another attempt. Until then, XRP should continue to hover just above $1.2.

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Cryptocurrency charts by TradingView.
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Duo Nine

Duo Nine is crypto educator and a seasoned technical analyst with over seven years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left this space. He also has a cool crypto community on Discord with over 4,000 members where he posts charts, opinions on the market and guides new members. Contact: Twitter | Community