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Ripple (XRP) Price Predictions for This Week
The cryptocurrency market is known for its volatility and unpredictability. In the past few days, we have seen a tumultuous price action in Ripple’s XRP, with prices reaching as high as $2.2 before sellers returned to take control of the price movement. As we head into the new week, it’s essential to identify potential support and resistance levels that could guide XRP’s future price movements.
In this article, we’ll examine key support and resistance levels, as well as several technical indicators that may help us predict XRP’s price performance for the remainder of the week.
Key Support and Resistance Levels
Before we dive into any predictions, let’s look at some critical support and resistance levels to keep in mind. Based on previous price action, we can see that the $2 level has been a crucial area of support. Unfortunately, this was not able to hold as sellers took control and brought prices back down.
Looking ahead, we can also identify key resistance levels at $2.3 and $2.6. As long as XRP’s price remains below these levels, it’s unlikely that we’ll see any significant upside in the near term.
Uptrend Stalls
As expected, buyers returned at the $2 support level and took XRP into an uptrend. However, this came to a stop once prices approached the $2.2 level. It appears that bulls are struggling to maintain control here, allowing sellers to take back control of the price action and initiate a pullback.
Momentum is Bullish
While XRP’s price has not yet made a higher high, the momentum indicators on the daily timeframe have surprisingly flipped bullish in the past few days. This could be an encouraging sign for those holding XRP, as it may hint at a potential break above the $2.3 resistance level or even the $2.6 level.
Higher Highs on MACD
In addition to the momentum indicators, we can also see that the daily MACD histogram has already turned bullish and is making higher highs. This is typically a signal that the price could mirror the MACD in the days to come, potentially leading to a test of these resistance levels. As long as selling pressure does not intensify here, XRP may have a good chance to attempt to reach the $2.3 level or even $2.6.
Overall, while the near-term outlook for XRP appears bearish, we cannot rule out the possibility of an upward move if buyers can regain control and push prices higher.
Source: cryptopotato.com
