Ripple Price Analysis: XRP Approaches Critical $0.7 Support as Bulls Remain Indecisive

XRP fell with the overall market in the past few days and is now found just above a critical support.

Key Support levels: $0.70

Key Resistance level: $0.85

After an attempted rally, XRP’s 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 it’s probably going to be challenging for the cryptocurrency to reach such valuation unless it stops the current downturn.

XRPUSDT_2022-01-20_14-45-08
Chart by TradingView

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.

XRPUSDT_2022-01-20_14-44-51
Chart by TradingView

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.

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