Ripple Price Analysis: Is a Breakout on the Horizon for XRP?

The price of XRP was promptly rejected down to a major support level after a 20% rise that took it to $1.15. Ripple will search for another chance to break over the $1.2 resistance level.

$1.06, $0.96 are key support levels.

$1.2 is a key resistance level.

Following the decline on October 27th, XRP saw a strong mini-rally over the next few days, climbing by 20% and hitting around $1.20 per coin. The latter serves as a major impediment. The price temporarily broke above the designated blue pennant, but the bears inside the apex of the formation rapidly pulled it back. The attempt backfired and resulted in a false breakout (so far). The $1.06 support level should be enough to hold XRP above $1, with the possibility of another breakout attempt coming shortly.

Technical Indicators 

Trading Volume: Trading volume has lately increased as the bulls have taken control of the price movement, which is presently hovering around $1. If the current trend continues, the bulls may be able to break over the $1.2 resistance level (as mentioned above).

RSI: The RSI has recovered its loss from October 27th and is rapidly rising, indicating that the trend has shifted back to positive. The RSI produced a higher low, and XRP should confirm the bullish reversal if it also makes a higher high.

MACD: The MACD is still negative on the daily timescale, but it is quickly curving up. Because MACD is a lagging indicator, it may take a few more days of bullish market activity for it to turn positive.

The bias 

on XRP has shifted to positive as a result of this rise, but the price has yet to break out of the pennant and confirm by retesting the top of the designated blue pennant as support.

Price Prediction for XRP in the Short Term

Expect XRP to try to break over the $1.2 barrier. Depending on the price activity, this might happen in the following week. If XRP is able to break over that crucial level, it might resume its run towards $2. Until then, XRP is expected to consolidate more over the $1 mark.


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