XRP just tested the key $1.6 resistance level. Can it break it?
Ripple (XRP) Price Predictions: Analysis
Key support levels: $1.4
Key resistance levels: $1.6
XRP is Challenging the Key Resistance
As expected, XRP has rallied all the way to the key resistance at $1.6. Buyers tried to break this level, but sellers returned to defend it. At the time of this post, the price is found in a pullback as it consolidates under this level.
Buyers will need more force and momentum if they want to break this resistance. That becomes possible if the volume increases, since so far, volume levels have been rather flat. This shows some hesitation here from market participants.
Is a Reversal Possible?
If bulls can turn $1.6 into key support, then this downtrend is likely over, and a sustained reversal will follow, sending XRP back to $2 and beyond. However, this price action remains too uncertain to be confident about such an outcome.
Should the overall market remain bullish with Bitcoin moving above $75k, then XRP has a good shot at higher levels. On the other hand, if the market remains flat, then XRP will also struggle to move above $1.6.
RSI Bullish Cross
On the weekly chart, the RSI just made a bullish cross, which is an early signal that a major reversal could be ahead of us. While this is still early, a price above $1.6 would confirm this breakout and see buyers return in force.
Best to be patient here and let the price develop to build confidence. Ideally, the RSI will continue to make higher highs, which would be a clear signal that sellers have lost control.
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