On the daily time frame, XRP has experienced a rapid surge since breaking out from a descending resistance line on March 21, resulting in the aforementioned yearly high, following its peak for the year on March 29.
This consolidation phase began after encountering resistance at the $0.530 level. Despite the fact that the price of XRP briefly dropped below the $0.530 mark, there was no indication of a bearish divergence in the RSI. However, on April 5th, the same area once again rejected the XRP price, resulting in a long upper wick.
#Ripple has recently dropped below the $0.5350 threshold when compared to the US dollar. To initiate a new surge in the short term, it is crucial for the XRP price to maintain levels above $0.500 and $0.4820.
#XRP underwent a downward correction after reaching its peak of $0.5850. This led to a decline below the levels of $0.5650 and $0.5500. However, the bulls made a comeback near the $0.500 and $0.4820 marks, resulting in a low of $0.4810.
The bulls have achieved a significant milestone by propelling the price above the critical resistance levels of $0.5000 and $0.5100, signalling a definitive upward trend. At present, the price is trading above $0.5050 and the 100-day Moving Average.
The first obstacle to overcome is the resistance at the $0.5150 level. This level may act as an initial barrier, but it is not insurmountable. The next significant resistance level is around $0.5300, which is near the 50% Fibonacci retracement level of the decline from the $0.5850 high to the $0.4810 low. If the price manages to break through this level, it may be able to hit the $0.5500 resistance level. Further increases in price could take it as high as $0.5850.
If Ripple is unable to surpass the resistance zone at $0.5300, it is likely to experience a decline. However, there are initial support levels in place, such as the trend line and the $0.5000 level. The next significant support level is at $0.4800. If the price falls below this level and closes at that rate, the value of XRP may continue to decrease. In this scenario, the $0.4500 support level may be tested.
KEY LEVELS :
RESISTANCE LEVEL : $0.5150-$0.5300
SUPPORT LEVEL : $0.5000-$0.4900
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
