XRP Failed to Break Resistance, Now Facing Critical Support Again


Like the recent crypto momentum, XRP had seen some bullish momentum, retesting the key resistance. However, bears took over the market together with Bitcoin’s rejection of the $40K zone. Key support still lies amid $0.58.

Key Support levels: $0.58, $0.50

Key Resistance level: $0.65, $0.70

XRP rallied almost 10% on Monday and Tuesday but lost most of these gains following a strong pushback from the bears in the second half of the week. The key resistance lies at $0.65 and if the selling intensifies, XRP will likely test the key support at $0.58.

XRPUSDT_2022-02-03_12-23-50
Chart by TradingView

Technical Indicators

Trading Volume: The bears took over the market in the last few days and pushed XRP into the red. However, the current sell pressure is on low volume (so far), and it may be short-lived for that reason.

RSI: The daily RSI has been making higher lows, which is a promising sign. Until the RSI makes a higher high, it is unlikely that the current downtrend will end.

MACD: The daily MACD did a bullish crossover on Tuesday, encouraging buyers. However, their excitement was cut short when bears took over the price action. For now, the MACD remains bullish and this may be a short-lived pullback.

XRPUSDT_2022-02-03_12-23-24
Chart by TradingView

Bias

The current XRP bias is neutral, and a break of the critical resistance is needed to change the bias to bullish.

Related:  DeFi protocols Aave, Uniswap, Balancer, ban users following OFAC sanctions on Tornado Cash

Short-Term Prediction for XRP Price

The MACD gives a bullish signal, but it may be too early to act on it as bears have taken over the price action. For this reason, it is best to give the price action more time to show its true colors and XRP will likely continue to be found in a range between the key resistance and support in the near future.

SPECIAL OFFER (Sponsored)

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

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.

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

Cryptocurrency charts by TradingView.


Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link