XRP Rallies Above $0.65, But Massive Resistance Awaits

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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.

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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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.

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