Ripple Price Analysis: XRP Bulls Eye $1.2 Following a 5% Daily Increase

Key Support levels: $1.12; $1.06 

Key Resistance level: $1.2; $1.4

XRP has finally managed to break above the pennant in blue with a nice rally of around 5%.

The resistance at $1.2 is holding XRP back right now, but this level should not pose a lot of difficulty for bulls. If successful, the true test will come at $1.4, which is the most important resistance right now.  Should the bulls slip and lose control, the nearest support is not far below right now at $1.12.

Chart by TradingView

Technical Indicators

Trading Volume: Great volume on this move up. If the bulls can sustain it, then the $1.2 resistance can fall quickly. Price has already made a long wick above the resistance before it was pushed back, which shows a lot of eagerness from buyers to get into a position.

RSI: It’s slowly moving towards 70 points on the daily timeframe. The RSI is also close to making a higher high, which would be a key bullish signal to take into account. That can take XRP higher before a correction takes place.

MACD: On the daily timeframe, the MACD made a bullish flip on the histogram and moving averages yesterday. The trend has changed, and the price shows it. Expect continuation in the near future.

Chart by TradingView

Bias

The bias is bullish on XRP. Price moved above the blue pennant and has managed to stay just under the $1.2 resistance, showing that there is momentum behind the rally. The longer price stays here, the more bullish the bias becomes.

Short-Term Prediction for XRP Price

It’s expected for XRP to make another attempt at breaking the $1.2 resistance. Once that can be cleared, the bulls could target the next key resistance at $1.4. The cryptocurrency can move very fast, and volatility is likely to increase dramatically as the price moves higher.