Key support level: $0.70
Key resistance levels: $0.96, $1
XRP has been caught in a wide range for the past week between key resistance at $0.96 and support at $0.70. After setting a local high at $0.91, the cryptocurrency consolidated without enough momentum to break out of this range.
The current price action has formed a large pennant (represented in blue on the below chart), which is likely to resolve soon.
Technical Indicators
Trading Volume: The volume continues to decline as the consolidation progresses. However, once the price breaks away from the pennant, the volume may return.
IRS: The daily RSI hit a lower high and is falling, suggesting a possible near-term bearish scenario.
MACD: Similar to the volume, the MACD histogram has been falling, making lower highs since the consolidation started. While the MACD remains bullish, the moving averages are falling and may complete a bearish cross if XRP breaks below the pennant.
bias
The current XRP bias is neutral. The price is expected to move sideways in the short term.
Short-Term Prediction for XRP Price
XRP lost its bullish momentum and is likely to continue its consolidation within the current range. Price is expected to break away from the pennant, which will likely indicate where XRP is headed next.
