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.

XRPUSDT_2022-03-07_17-48-37
Chart by TradingView

Technical Indicators

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.

XRPUSDT_2022-03-07_17-48-06
Chart by TradingView

Bias

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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