XRP returns above $1.4, but can it hold there?
Ripple (XRP) Price Predictions: Analysis
Key support levels: $1.4, $1
Key resistance levels: $1.6
XRP Price Reclaims $1.4
After the massive drop last Thursday, XRP recovered somewhat and returned above the support at $1.4. If this key level holds, buyers could retest the $1.6 resistance level in the future. Any failure there could see the price resume its downtrend.
Sellers Dominate
A review of the volume shows that sellers have been dominating since late December on the weekly chart. Worst, the selling volume has accelerated in early February, showing no signs of a change. However, increased sales volume could be the first step towards finding a bottom.
Daily RSI Bounces from Oversold Area
During the crash last week, the daily RSI reached 17 points, falling deep into the oversold area. Since then, this indicator snapped back above 30. As long as the daily RSI is under 50, the bias leans bearish.
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