Key assistance levels: $ 0.70
Key Resistance Level: $ 0.85
The ABC correction appears to be complete after XRP successfully tested the $ 0.70 support level earlier this week. Since then, the price has risen and is approaching the resistance at $ 0.85. XRP may retest key support before a sustained breakout can take place.
At the time of this post, the current movement in price can be interpreted as a relief rally after a sharp correction since that was taking place since November.
Technical indicators
Trade volume: The volume on this higher movement was good. However, it appears to be fading as prices rise, making key resistance rejection likely.
RSI: The daily RSI is moving higher in line with price and has also made a higher low. This is bullish in the long term.
MACD: Daily MACD remains bearish, but moving averages and histogram are rising quickly. If XRP can support the rally, then the MACD could turn bullish in the coming days.
Bias
The current XRP bias is neutral. Despite the relief rally, the cryptocurrency seems more likely to consolidate between the key levels further before a clean breakout can take place.
Short term prediction of XRP price
If the rally is sustained then XRP may test the key resistance at $ 0.85. However, it is too early to expect a breakout, and it may continue to consolidate under resistance until enough momentum is gathered to break higher.
