XRP is found in a relief rally with $1.3 as a key target to reclaim. The asset challenged it yesterday, but it was stopped. Can it break through this week?
Ripple (XRP) Price Predictions: Analysis
Key support levels: $1.2, $1
Key resistance levels: $1.3, $1.6, $2
Buyers Push XRP into a Relief Rally
After the price dropped to near $1, buyers returned to XRP, sending it into a relief rally that is still ongoing as of this post. So far, buyers managed to send the price close to the resistance at $1.3.
If XRP can reclaim $1.3 as support, the cryptocurrency has a real chance of reaching higher levels in the future, with key targets at $1.6 and $2. That is the optimistic scenario. The bearish take is a rejection at $1.3, which would likely send the price back to $1.
Momentum Indicators Turning Bullish
With the buy volume spiking most recently, the momentum indicators, such as the MACD on the daily timeframe, have turned bullish. This is an encouraging sign that the downtrend may be coming to an end.
However, the resistance at $1.3 needs to be broken to confirm a reversal; anything less would be premature and likely turn into a bull trap. Thus, the next few days are critical for determining whether XRP has what it takes to reverse its most recent losses.
Daily RSI Moves Above 50
Another positive development is evident in the daily RSI, which has been above 50 since yesterday. This is a significant change that shows sellers no longer have control over the price.
Now, buyers will need to do their best to keep the RSI above 50, as a drop back below this midpoint could be interpreted as bearish. Since the recent rally was quite sudden, a pullback could be expected and normal before new highs.
The post Ripple (XRP) Price Predictions for This Week (June 16) appeared first on CryptoPotato.
XRP is found in a relief rally with $1.3 as a key target to reclaim. The asset challenged it yesterday, but it was stopped. Can it break through this week? Ripple (XRP) Price Predictions: Analysis Key support levels: $1.2, $1 Key resistance levels: $1.3, $1.6, $2 Buyers Push XRP into a Relief Rally After the Crypto News, XRP Analysis, Ripple (XRP) Price
This articles is written by : Nermeen Nabil Khear Abdelmalak
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