Is Ripple’s XRP Gearing Up for a Run at $1.05? Technical Analysts See ‘Very Short-Term’ Upside
XRP has been facing some resistance around the $0.68 level recently, according to technical analysts Dark Defender and altFINS. However, the overall trend remains bullish.
Dark Defender noted that XRP has been struggling to break above the $0.6649 level after closing below it for two straight days. This has resulted in some sideways trading between $0.6649 and $0.6131.
While XRP could dip down to test support at $0.6131, Dark Defender believes the overall target remains at $0.87 and $1.05 in the near term, as long as XRP can hold above $0.6649.
AltFINS pointed out the bullish breakout from an ascending triangle pattern and move above the 200-day moving average that signaled a resumption of the uptrend. However, XRP got overbought with an RSI above 75 as it reached the $0.68 resistance zone, leading to some profit-taking and a pullback.
This pullback could provide a swing entry opportunity for traders, with upside potential to $0.92, which was the July peak.
The momentum indicators are showing some mixed signals currently. The MACD line is below the signal line, which is bearish. But the RSI is around 50, which is neutral.
Source: altFINS – Start using it today
In terms of support and resistance, the nearest support zone for XRP is around $0.55, then $0.45 below that. On the upside, the first resistance level is the $0.68 zone XRP just failed to break, followed by the $0.92 level.
Overall, analysts remain cautiously bullish on XRP despite the recent resistance. As long as XRP holds support around $0.6131, the uptrend could continue with potential for a retest of $0.68. Breaking above $0.68 could see further gains toward the next target of $0.92. Traders may look for a swing entry on pullbacks in anticipation of further upside.
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