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Ripple Price Analysis: XRP Bounces off $0.70 but is Recovery Inbound?

XRP fell from the pennant back on the key support. Now, the price is attempting to move higher.

Key Support level: $0.70

Key Resistance levels: $0.75, $0.96

This latest drop in XRP turned the indicators bearish. However, the key support at $0.70 has held well, and now the price appears to recover. It’s important to see how far it can go before facing resistance. Key levels to watch include $0.75 and $0.96.

XRPUSDT_2022-02-23_15-36-01
Chart by TradingView

Technical Indicators

Trading Volume: The volume during the last drop was high, but now buyers have come back in force, which pushed the price higher.

RSI: The daily RSI fell under 50 points and made a lower low. Ideally, the RSI should move above 50 points and try to make a higher low.

MACD: The daily MACD completed a bearish cross three days ago, and momentum favors sellers right now. The price may get rejected at $0.75 because of that.

XRPUSDT_2022-02-23_15-35-52
Chart by TradingView

Bias

The current XRP bias is neutral. The key support held the price from falling lower.

Short-Term Prediction for XRP Price

Expect XRP to test the key resistance at $0.75. If that level is not broken then the sell-side will take over the price action once more. XRP  should strive to make a higher high, otherwise, the key support may be put under pressure again.




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