XRP Price Prediction: We Broke Out of the Descending Wedge, Where Is Price Heading to Next?

european binary trading

Long-Term Outlook

XRP Weekly Chart

A look at the Weekly chart for XRP shows that price is at the edge of the $0.26-$0.28 support area.

If the support area fails to hold, the next one will be found near $0.15.

Conversely, the closest significant resistance area can be found at $0.46-$0.48

The RSI is at 41, indicating neither overbought nor oversold conditions.

Price is trading below the 7,21 period moving averages and the Ichimoku cloud.

The MACD is close to making a bullish cross, but there has been minimal volume over the past two months.

Medium-Term Outlook

XRP 3-Day Chart

A look at the 3-day chart shows that price is facing very close resistance from the 7-period MA, and is trading below all the moving averages and the Ichimoku Cloud.

The RSI is at 40, indicating neither overbought nor oversold conditions.

However, the MACD is very close to making a bullish cross.

XRP Daily Chart

A look at the Daily chart gives a more optimistic outlook.

There is significant bullish divergence developing in the RSI and the MACD has crossed bullish and is moving upward, but it is not positive yet.

Furthermore, yesterday’s candle was a bullish candle with a very small upper wick.

Short-Term Outlook and Price Prediction

XRP 6-Hour Chart

A look at the 6-hour chart finally gives us a structure in which price is trading in.

Price has been trading in a descending wedge since December 24th, and it has finally broken out on significant but not extreme volume.

Furthermore, the price is above the 7,21,50 period moving averages and the Ichimoku cloud.

The closest resistance area can be found near $0.33, coinciding with the 200-period MA.

Price Prediction:

I believe that in the short-term price will head for the resistance area at $0.33-$0.34

Conclusions:

  • Price is on the edge of the $0.26-$0.28 support area.
  • There is a medium-term bullish divergence.
  • Price broke out of the short-term descending wedge.

XRP Price Prediction: We Broke Out of the Descending Wedge, Where Is Price Heading to Next? was originally found on copy trading cryptocurrency | Blockchain News | Bitcoin News | blokt.com.