XMR, MIOTA and XRP price outlook as the market heads towards the weekend with Bitcoin’s price poised around the $48k level
Monero price outlook
XMR is trading above the rising trendline of an ascending triangle pattern with the resistance of the horizontal line around $316. The RSI and MACD on the daily chart show sellers have the upper hand, although a divergence above the equilibrium line and potential bullish crossover respectively suggest new upside momentum.
While the overall technical picture is of a potential bullish breakout from the triangle, the XMR/USD pair needs to breach the supply wall at the 50 SMA to see further growth. The 0.382 Fib level ($286) and the 0.5 Fib level ($326) provide the next hurdles towards $400.
XMR/USD daily chart. Source: TradingView
On the downside, a breakdown below the triangle will likely see bulls seek to defend gains near $236, a zone marked by the 0.236 Fib level of the swing low from $497 to $156. Additional support could be near the 19 May pivot around $200.
XRP price outlook
XRP network activity has soared in the past few days, with technical analyst Ali Martinez highlighting this as a potential catalyst for a price increase.
XRP/USD daily chart. Source:TradingView
The XRP/USD pair is above the 50 SMA to suggest slight strength above the horizontal support area around $1.05. However, a bearish flag formation threatens to see XRP price flipping below the primary demand zone (area highlighted in grey) towards $1 and potentially $0.83
The daily MACD and RSI support this perspective, though an upside flip could see XRP/USD eye $1.25 and then $1.40.
IOTA price outlook
MIOTA is trading above $1.51, establishing local support around $1.39 after its bounce from lows of $1.35. Prices are above the 50 SMA, with the upside curve signaling further gains towards $1.70 and then $2 are likely.
IOTA/USD daily chart. Source: TradingView
However, while the RSI is above 50, it is sloping to suggest mounting pressure. The bearish crossover of the MACD also indicates a possible retest of the local support. Below this, MIOTA/USD could seek demand reload around the 50 SMA ($1.20).