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Ripple Price Analysis: XRP Breaks the Correction, is $1 Target in Play?

XRP halted the correction and made a higher low today, with the price keen to go up again. If this continues, the cryptocurrency may enter a renewed rally.

Key Support level: $0.70

Key Resistance levels: $0.96, $1

XRP bulls did not let the price to fall to the key support at $0.70 and bought in early at around $0.75, turning the price action back on the uptrend. Now, the cryptocurrency is moving higher and past $0.80 today. If this momentum continues, then XRP may soon test the key resistance at $0.96.

XRPUSDT_2022-02-15_13-05-34
Chart by TradingView

Technical Indicators

Trading Volume: The volume continues to decline, despite this most recent price increase. This is not ideal, but buyers may step up their game if the price continues up.

RSI: The daily RSI is curving up and will pick more momentum if this action continues. The RSI made a higher low which is a good bullish signal.

MACD: The daily MACD is bullish, and the moving averages are pointing upwards again. This is a good sign. If XRP price can close in green for another day or two, then the histogram will also make a higher high, confirming a new rally is upon us.

XRPUSDT_2022-02-15_13-05-19
Chart by TradingView

Bias

The current XRP bias is bullish.

Short-Term Prediction for XRP Price

XRP is preparing for another push upwards, closing into the key resistance at $0.96. The only questionable signal that may invalidate this bias is the current volume that is decreasing. Ideally, the volume should be going up during a rally. This is a sign of caution.




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