XRP fought resistance at a falling trend line around $ 0.47, with a small increase of 3% today. Against Bitcoin, XRP is back from support at 740 SAT.
- Key Support Levels: $ 0.453, $ 0.42, $ 0.4.
- Key Resistance Levels: $ 0.5, $ 0.556, $ 0.6.
XRP was trading in a falling wedge pattern last month as it tried to break the upper bound of the formation. It bounced back from the lower limit of the wedge in early March, but failed to cross the upper limit of $ 0.5 in the past two weeks.
XRP also fell below the $ 0.453 (.5 Fib) support as it fell to $ 0.4 (.618 Fib) earlier this week. It has recovered from there as it started to rise on Monday, but still struggles with the falling trendline (upper limit of the wedge). Yesterday XRP rose as high as $ 0.55 but still closed the daily candle in the wedge.
XRP-USD Short Term Price Prediction
Looking ahead, the first resistance level is at the upper edge of the wedge. Above that, resistance is $ 0.5, $ 0.556 (2019 high) and $ 0.6. Additional resistance is located at $ 0.648 (bearish .786 Fib) and $ 0.685 (1.272 Fib Extension – blue).
On the other hand, the initial support is at $ 0.453 (0.5 Fib). This is followed by $ 0.42 (100-day EMA), $ 0.4 (0.618 Fib) and $ 0.375 (200-day EMA).
The RSI recently broke above the midline, showing that the bulls are trying to take control of the market momentum. If the RSI could rise above 50, the increased bullish momentum will help XRP to climb above the wedge and pass $ 0.5.