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XRP continues to hold above $2 which is a sign of strength.
Key Support levels: $2, $1.6
Key Resistance levels: $3, $3.4
1. Buyers Remains Firm
Even if the overall market was quite turbulent in the past few days, XRP managed to hold steady above the $2 support level. Most recently, buyers took the price to almost $2.5 before a shallow pullback. This shows that demand for XRP remains high.
2. Key Resistance at $3
To truly turn the chart bullish, XRP has to break the resistance at $3. This recent bounce on the $2 support is encouraging, but bulls will have to keep the pressure and move the price above $2.5 if they hope to test the key resistance.
3. Daily MACD Shows Promise
The daily MACD moving averages are making higher lows and the histogram is positive. This shows that the bullish momentum is building up. These are early signals that buyers may be waiting to return in force. If so, the price has a good shot to approach $3.
This article first appeared at CryptoPotato
