XRP is consolidating in a large pennant and may soon challenge the $1.6 resistance.
Ripple (XRP) Price Predictions: Analysis
Key support levels: $1.4
Key resistance levels: $1.6, $2
Key Support Holds Steady
Despite the flat price action, XRP has maintained its price above the $1.4 support and has formed a large pennant. With the price approaching the apex of this formation, a breakout appears imminent.
Should buyers take over the initiative, then a quick rush towards the $1.6 resistance appears likely. Such a possibility would see XRP try for a third time to break this key level, having been rejected there in March and February by sellers.
Pressure is Building
With momentum favoring bulls, the only thing missing is volume. Since March, the trading volume on this cryptocurrency has been in a steady decline, which also explains the flat price action.
For XRP to break through the key resistance, the buy volume will need to spike twice. Once the price breaks out of its pennant, and second, when it hits the key resistance at $1.6. Any weakness at these two key moments would allow sellers to take back control.
Weekly MACD Remains Bullish
The weekly MACD remains bullish for a third consecutive week, as it can be seen on the histogram. Moreover, it is making higher highs, indicating that momentum is building up, despite the lack of volume.
Hopefully, in the weeks to come, the price will catch up with the weekly MACD and enter a sustained rally. That can challenge the current resistance and allow XRP to aim even higher, with $2 as a key psychological target.
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