xrp cryptocurrency price

XRP Eyes Critical $0.7 Support Following 14% Weekly Drop

XRP Eyes Critical $0.7 Support Following 14% Weekly Drop
Written by publisher team

Key Support Levels: $0.70

Key Resistance Level: $0.85

After the sharp drop, XRP appears to have formed an ABC corrective wave structure as the price found good support at the $0.70 level. If the correction stops here, XRP is likely to consolidate above the major support level until an attempt is made to break above the resistance at $0.85.

Chart by TradingView

Technical Indicators

Trading volume: The volume continued to decrease as the price went down. This shows that sellers are no longer interested in emptying their positions at this price. This allowed XRP to find support and halt the downtrend.

RSI: While the daily RSI continues to decline, the momentum has faded, and there is a lack of conviction on the downside. Unless the XRP price drops below the key support level, the RSI is unlikely to move much lower.

MACD: The daily MACD is bearish, but the histogram is already making higher bottoms. This indicates that the sale may be over, and a period of consolidation may occur.

XRPUSDT_2022-01-10_11-59-49
Chart by TradingView

option

The current XRP bias is neutral. It appears that the price has found good support above $0.70, and it seems unlikely that XRP will decline at this time.

XRP Short Term Price Prediction

The most likely scenario for XRP is to move sideways and merge between the major support ($0.70) and resistance ($0.85). This could happen until the end of January based on the current market structure.

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Cryptocurrency charts by TradingView.

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publisher team