Ripple Price Analysis: XRP Looking At $1.10 following a 6% Weekly Increase, Can it Go Higher?

Ripple Price Analysis: XRP Looking At $1.10 following a 6% Weekly Increase, Can it Go Higher?

News
June 2, 2021 by J.D. Smith
47
XRP/USD – A Break Above $1.05 Could See Bullish Leg Higher Key Support Levels: $1.00, $0.95, $0.8282.Key Resistance Levels: $1.05, $1.10, $1.25. XRP found support at the 2020 highs of $0.8282 over the weekend and rebounded higher to break above $1.00. It is now struggling to close a daily candle above $1.05 (bearish .382 Fib),

XRP/USD – A Break Above $1.05 Could See Bullish Leg Higher

Key Support Levels: $1.00, $0.95, $0.8282.
Key Resistance Levels: $1.05, $1.10, $1.25.

XRP found support at the 2020 highs of $0.8282 over the weekend and rebounded higher to break above $1.00. It is now struggling to close a daily candle above $1.05 (bearish .382 Fib), but the bulls are battling to remain above $1.00.

The resistance at $1.05 is starting to form an ascending triangle with the roof at $1.05. A closing candle above $1.05 (and $1.10) could set the stage for a bullish leg higher toward $1.30 (50-day MA) for XRP.

xrpusd-jun2
XRP/USD Daily Chart. Source: TradingView.

XRP-USD Short Term Price Prediction

Looking ahead, if the bulls break $1.05, the first resistance lies at $1.10 (20-day MA). This is followed by $1.25 (Feb 2018 highs), $1.30 (bearish .618 Fib & 50-day MA), and $1.52 (bearish .786 Fib).

On the other side, the first support lies at $1. This is followed by $0.95 (100-day MA), $0.8282 (Feb 2020 highs), and $0.75 (.786 Fib).

The RSI is now directly on the midline, indicating indecision within the market. For a breakout of the current ascending triangle, the RSI must break above 50 to indicate bullish momentum is returning to the market.

XRP/BTC – Bulls Battle With 20-day MA

Key Support Levels: 2660 SAT, 2400 SAT, 2260 SAT.
Key Resistance Levels: 2800 SAT, 3000 SAT, 3360 SAT.

Against BTC, XRP is now in a battle with the 20-day MA at around 2800 SAT. The coin found support at 2400 SAT over the weekend and started to rebound higher.

On Monday, XRP managed to climb above resistance at 2600 SAT (50-day MA & bearish .382 Fib), and it continued higher to 2800 SAT. Since then, it has struggled to close a daily candle above 2800 SAT.

xrpbtc-jun2
XRP/BTC Daily Chart. Source: TradingView.

XRP-BTC Short Term Price Prediction

Looking ahead, if the bulls break 2800 SAT, the first resistance lies at 3000 SAT (bearish .618 Fib). This is followed by 3360 SAT (Feb 2020 high), 3783 SAT (Oct 2019 highs), and 4000 SAT.

On the other side, the first support lies at 2660 SAT (50-day MA). This is followed by 2400 SAT, 2260 SAT (.786 Fib), and 2000 SAT.

The RSI is showing weak bullish momentum. To pass 2800 SAT, the RSI must rise to indicate the bullish momentum is starting to gain solid control.

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Cryptocurrency charts by TradingView.