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XRP Drops 4% Daily but a Bullish Crossover in the Making

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Key Support levels: $0.75, $0.70

Key Resistance level: $0.89, $1

Despite the low volatility during the past week, XRP has achieved one important thing. It stopped the downtrend and managed to find good support on the $0.75 level. The key resistance at $0.89 continues to hold, but this may come to an end as there’s a bullish crossover potentially in the making.

Chart by TradingView

Technical Indicators

Trading Volume: Volume continues to drop, and this may anticipate a major breakout from the current range.

RSI: The daily RSI is trying to move higher, but due to the flat trend, it remains stuck just above the oversold area.

MACD: This consolidation of the price in a tight range has allowed the MACD histogram to move closer and closer to the positive side, and the moving averages on the daily timeframe are about to do a bullish cross. If this materializes, then buyers may have the momentum they need to finally break above the key resistance and attempt a rally.

Chart by TradingView

Bias

The current XRP bias is neutral. A break above the key resistance at $0.89 will flip the bias to bullish.

Short-Term Prediction for XRP Price

The MACD hints at a bullish move in the near future. Provided that ETH and BTC do not drop and pull the market down, XRP has a chance at attempting a breakout from the current range, which can be followed by a strong rally. This can be confirmed if the XRP price closes above the key resistance on the daily timeframe.

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Cryptocurrency charts by TradingView.

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