XRP is determined to move above $1.4. If secured, $1.6 is next.
Ripple (XRP) Price Predictions: Analysis
Key support levels: $1.3, 1
Key resistance levels: $1.6, $1.4
XRP Eyes $1.4
This week, XRP is up 4% and appears ready to reclaim $1.4, which is currently acting as a key resistance level. If successfully reclaimed, then this cryptocurrency has a good shot at returning to $1.6, where sellers rejected the price in mid-March.
With momentum favoring the bulls, a reversal here is likely, even if it is only a temporary rally within a much larger downtrend. To exit the downtrend, the price will have to move above $1.6 and hold that level.
Buyers are Returning
Buyers are returning this week, even if they still appear shy. While this weekly candle is bullish, it needs to close like this to give a clear signal. Nevertheless, a reversal appears likely because the price has been in a prolonged downtrend, and a relief rally is overdue.
In the past, buyers managed to spike the price to $1.6, but that resistance level rejected any attempts to move higher. A new test of this resistance would be interpreted as bullish and give XRP a new chance to exit its downtrend.
Weekly RSI Bullish Cross
There is good news for buyers since the weekly RSI is already bullish and above its 14-day moving average. This is the first time in months that the RSI managed this. The only unknown is if XRP can close the week like this.
If the RSI remains bullish by Sunday, the chance of a rally is very high, as buyers will likely return in force if they see an opportunity to join a new XRP rally. Historically, XRP is a momentum coin that can move very fast once volume returns.
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