XRP Investors Remain Undecided as Crypto Prices Consolidate – Technical Analysis
XRP surpassed the previous high last September 16, 2021, as it continues to trade beyond the $1.08804 mark. XRP price movements slowed down after an acceptable rally in the $1.18641 mark and exhibited a consolidating pattern between support and resistance.
These price movements show the traders’ uncertainty as they wait for a breakout in either direction. However, the chart seems to show a consistent uptrend, which most often signifies an upwards breakout.
In both short-term, medium, and long-term trading strategies, XRP prices continue to show an uptrend. The momentum is mixed as the MACD signal line is above the MACD line.
XRP prices would need to break the $1.6945 resistance level and potentially reach the previous high of $1.39669 last September 7, 2021.
Expert traders set the first major support level at $1.1034, while the major resistance level is at $1.1694.
The 23.6% Fibonacci retracement level is at $0.8533 ; the 38.2% retracement level is at $1.0659; and the 62% retracement is $1.4096.
Overall, traders remain neutral as they decide where the prices will go. Traders chose to hold off trading with XRP but kept a close eye on the cryptocurrency to wait for the market’s decision.
Some traders found a descending triangle as fewer people chose to sell. Nevertheless, traders remain optimistic about the upcoming week as the compression becomes heavier in the resistance line.
However, while waiting for this potential breakout, XRP prices will continue bouncing from support and resistance level.