At BeInCrypto, we publish regular price analyses and predictions for XRP. In our Apr 3 analysis, we predicted that XRP—still known widely as Ripple—would experience slight decreases and drop to the support area we have defined below. It eventually reached the area on Apr 4. However, an upward move soon ensued and the price made a high of nearly $0.39. Learn more here or keep reading for our latest analysis!
On Apr 3, the price reached a high of $0.38. A rapid decrease was followed by a similarly rapid increase.
Price made a higher high of $0.385 on Apr 5.
Will XRP eventually reach $0.40 or fall back to lows experienced in March?
Let’s find out.
XRP (XRP): Highlights and Trends For April 5
- The price of XRP/USD has been on an uptrend since Apr 2.
- It is trading inside a horizontal channel.
- There is bearish divergence developing in the RSI and the MACD.
- There is support near $0.345
Horizontal Channel
The price of XRP/USD is analyzed at one-hour intervals from Apr 2 to Apr 5 to help determine current trading patterns.
On Apr 3, the price reached a low of $0.375. Several market cycles have been completed and the price has reached the same level three times.
Tracing these highs gives us a horizontal resistance line:
On Apr 2, the price reached an hourly low of $0.327. A gradual increase ensued, followed by a rapid decrease. The price reached the same level three times.
Tracing these lows gives us a horizontal support line.
The resistance and support lines combine to create a horizontal channel:
The price is very close to the resistance line of the channel.
Will it break out? In order to answer that, we need to take a look at some technical indicators.
Technical Indicators
To better assess possible future price fluctuations, we incorporate the MACD and the RSI into the analysis.The moving average convergence divergence (MACD) is a trend indicator that shows the relationship between two moving averages (long and short-term) and the price.
The relative strength index (RSI) is an indicator which calculates the size of the changes in price in order to determine oversold or overbought conditions in the market.
Combining MACD and RSI bullish/bearish divergence with support/resistance essentially predicts price fluctuations.
On Apr 2, the price reached a high of $0.363. It has reached or exceeded this level several times since.
Similarly, the RSI made a high on Apr 2 while the MACD made on Apr 3. Both have continued to generate lower values since.
This is known as bearish divergence and often precedes price decreases.
Using these indicators, it is likely that the price decreases towards the support line of the channel.
Where Might XRP’s Price Land?
Support areas are created when the price visits the same level several times. They can act as an area of reversal.
The closest support area is found near $0.345. We believe it is likely that the price will reach this area.
Based on this analysis, the price of XRP is likely to undergo a correction. Price is expected to drop toward the support line of the channel.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored