XRP Rallies Above $0.65, But Massive Resistance Awaits


XRP managed to break above the key resistance at $0.65 on Friday, as the price has been consolidating above this level since then. The question is if $0.65 can be tested and confirmed as support so that XRP can continue even higher.

Key Support levels: $0.65, $0.58

Key Resistance level: $0.70, $0.79

Ripple’s XRP had seen a green weekend so far, managing to hold above $0.65, which has now turned into support.

There seems to be a break in momentum, indicating some indecision in the price action. The next challenge for XRP is to break the key resistance at $0.70, which would open the way for a $1 attempt once again.

XRPUSDT_2022-02-06_13-28-14
Chart by TradingView

Technical Indicators

Trading Volume: Decent amount of volume on Friday and Saturday. However, today’s volume (Sunday) is quite low.

RSI: The daily RSI has made a higher high, therefore a possible pullback is likely. This will be a retest of the key support at $0.65 before continuing.

MACD: The daily MACD remains bullish and has sufficient momentum behind it even considering today’s low volume. The histogram continues to make higher highs which is bullish.

XRPUSDT_2022-02-06_13-28-48
Chart by TradingView

Bias

The current XRP bias is bullish. However, the $0.70 resistance does not leave a lot of room for the price to move higher without a pullback or consolidation.

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Better keep a close eye on Monday’s price action to assess the next move for XRP.

Short-Term Prediction for XRP Price

XRP has turned bullish over the weekend, as long as it maintains the key support. If momentum continues, a break above $0.70 becomes likely. However, the latter could be challenging as sellers will likely fight at resistance before letting XRP move higher towards $1.

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Cryptocurrency charts by TradingView.


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