Ripple Price Analysis: Is $0.85 Inbound for XRP Following Today’s 4% Jump?

Key Support level: $0.70, $0.58

Key Resistance levels: $0.85

XRP’s price appears to have broken away from the downtrend that started in February and with a bit more volume, it could challenge the resistance at $0.85. The support at $0.70 managed to stop sellers and buyers appear in control of the price action at the time of this post.

Technical Indicators

Trading Volume: The volume is low, but this can quickly change if bullish momentum grows.

RSI: The daily RSI has moved above 50 points and could make a higher high if buyers continue to support this price action.

MACD: The daily MACD is bearish, but this could change in the next few days as a bullish crossover looms.

Bias

The current bias is neutral. XRP has to break away from the current range to change this.

Short-Term Prediction for XRP Price

The indicators, as well as the price action, suggest that XRP may be preparing for a sustained rally after quite a significant correction that saw the price fall from 90 cents to 70 cents. If this is confirmed, then the biggest challenge for XRP is to break above the $0.85 key resistance level.