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Key Support levels: $0.70
Key Resistance level: $0.85
After an attempted rally, XRPās momentum vanished, and the price quickly took a dive. It is now found above the critical support at $0.70 and seems unable to break higher. The resistance at $0.85 is quite a distance away and itās probably going to be challenging for the cryptocurrency to reach such valuation unless it stops the current downturn.
Technical Indicators
Trading Volume: The volume has been low despite the price drop. It could be that bears feel some exhaustion after pushing price lower since November 2021.
RSI: The daily RSI managed to do a higher low, despite the downtrend. This is a first clear sign of a possible reversal in the downtrend.
MACD: While the daily MACD is bullish, the momentum was not there to sustain a price increase. Now the moving averages are quickly closing in towards a potential crossover to the negative side.
Bias
The current XRP bias is neutral. At the time of this post, XRP lacks momentum to go in either direction with sufficient conviction to trigger a major breakout.
Short-Term Prediction for XRP Price
While the RSI gives some hope that XRP may reverse from its current level, the volume remains low, and buyers do not seem that interested at this time.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.