Main levels of support: $0.58, $0.50
Key Resistance Level: $0.65, $0.70
After a very difficult last week, XRP seems to have found a good level of support at $0.58, which has ended the downtrend, at least momentarily. The resistance is not far away and is located at $0.65. Given this price action, it may be that most of this correction is behind us and a relief rally may follow.
Technical Indicators
Trading Volume: The volume is decreasing after a very intense selloff last week. This explains why the price managed to hold above the key support.
IRS: The daily RSI is in the oversold zone and is trying to break out of it by moving higher. The first attempt was rejected, but the current price action may lead to another attempt.
MACD: The daily MACD remains bearish, and a consolidation period may be needed before any reversal can take place.
bias
The current XRP bias is bearish, although sellers might lose interest in lowering it.
Short-Term Prediction for XRP Price
It appears that one of the more probable scenarios, at least for now, is for XRP to consolidate rather than dip further. If the bulls manage to break the key resistance at $0.65, then XRP could rally up to $0.70.
