XRP is trying to reclaim the support at $1.4. Will it be successful?
Ripple (XRP) Price Predictions: Analysis
Key support levels: $1.2, $1
Key resistance levels: $1.4, $1.6, $2
Are Buyers Returning?
In an interesting development, the XRP price reversed course as soon as it left the blue pennant and is now attempting to reclaim support at $1.4. If successful, this would be a bullish reversal.
While the battle between buyers and sellers continues, XRP has managed to halt the downtrend, at least momentarily. The price also formed a higher low, another positive sign.
Bearish Momentum Loses Steam
The drop from $1.6 to $1.3 was pretty sharp and gave no relief. Sellers were quite aggressive, but now they appear exhausted. Ever since the price touched $1.3, the sales volume disappeared, and buyers are returning.
Because of this, the price is now well positioned to recover some of the recent losses. This can be further compounded if buyers reclaim $1.4 as support, which could provide a strong base for a retest of the next resistance at $1.6.
Low Timeframes are already Bullish
The 4h RSI has already bottomed and is making clear higher highs and higher lows. Even the RSI moving average is rallying. If bulls can maintain this pressure and volume, the RSI is likely to stay above 50 and even aim towards 70, which would indicate a strong uptrend.
If the first few days of this week close in green, this cryptocurrency has a real shot at a breakout from the pennant with $1.6 as a key target for its rally.
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