XRP is consolidating above the $1.4 support. Can it test $1.6 next?
Key support levels: $1.4
Key resistance levels: $1.6, $2
After a successful defense of the $1.4 support, XRP appears ready to test the key $1.6 resistance. This comes after the price managed to break out of the blue pennant shown in the chart below.
This breakout is typically a buy signal, but bullish momentum remains shy without a significant rally so far. Nevertheless, this can change in the days and weeks to come, as buyers decide to test the key resistance.
After breaking from the pennant, XRP may enter into a sustained rally. The first challenge is found at $1.6. If that resistance falls, then this cryptocurrency will have a clear path towards $2 next.
While bullish momentum remains low, it can start to build from here, and a breakout above $1.6 would reinforce and encourage buyers to rush to XRP. Right now, the momentum indicators give a bullish bias, but volume remains low. This shows conviction is still not here yet.
With this latest breakout, the weekly MACD continued to make higher histogram highs. This is exactly what we want to see to maintain a bullish bias. As long as this continues, a higher price for XRP remains likely.
Even if buyers remain shy at this time, the price and indicators lean toward the bull side. Once the price starts to move higher, volume can catch up and allow a breakout at $1.6. That would be a necessary development for higher highs later this month.
The post Ripple (XRP) Price Predictions for This Week, May 13 appeared first on CryptoPotato.
