07 Mar Ripple Price Analysis: $0.7 Support Holds, is XRP Relief Rally Underway?
Key Support level: $0.70, $0.58
Key Resistance levels: $0.86
XRP’s price managed to hold well above the key support at $0.70, and now the lower timeframes such as 4-hours are turning bullish, which can lead to a short relief rally. It is unlikely for the price to reach the key resistance at $0.86, but this is a good sign for bulls.
Trading Volume: The volume remains low, so it’s best to be careful during any relief rally as it may trap buyers.
RSI: The daily RSI remains flat, but it is now trying to curve back up. If the price continues up, the RSI could make a higher high, but that seems ambitious at this time.
MACD: The daily MACD is bearish. The histogram is making higher lows which is encouraging, but further confirmation is needed.
The current bias is neutral and will stay so as long as the key support holds.
Short-Term Prediction for XRP Price
While buyers have done a great job so far to prevent XRP from falling below the critical support at $0.70, there is a high chance bears will attempt to break it again. It seems likely that the next few days will present serious volatility.
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