Ripple Price Analysis: XRP Fails to Climb Back Above $1 as Bears Intervene
Key Support levels: $0.89
Key Resistance level: $1
The bulls did not have enough strength to keep XRP above $1 despite a worthy attempt two days ago. Price only spent a day above $1 before losing this level. Since then, the cryptocurrency has been falling towards the support at $0.89, and $1 remains the key resistance.
This shows that bears continue to control the price action. Until bulls reclaim and hold prices above $1, XRP is unlikely to draw much attention from the market.
Technical Indicators
Trading Volume: The daily volume continues to decrease. This is not particularly good for bulls but also shows bears lack the conviction to push the price much lower.
RSI: The daily RSI is curving back down after the failed attempt to stay above $1. This is bearish and indicates price may retest the support level before a new rally is attempted.
MACD: The MACD continues to be bearish. It is best to wait for a bullish cross on the MACD moving averages before any sustained uptrend in price.
Bias
The current XRP bias is bearish. The indicators continue to stay bearish, and the most recent failure to hold price above $1 does not give any confidence that XRP can rally at this time.
Short-Term Prediction for XRP Price
It seems likely for that price to fall back on the support level at $0.89 before it can gather enough strength to attempt another break above $1.
