The technical analysis from the daily time frame shows that the XRP price has been consolidating recently after reaching its yearly high on March 29. The consolidation began after a rejection from the $0.530 resistance area. However, there are indications the price could resume its upward movement soon.
XRP had surged rapidly since breaking out from a descending resistance line on March 21, leading to the aforementioned yearly high. Although the price fell below the $0.530 area shortly after, there was no bearish divergence in the RSI. Nevertheless, the area again rejected the XRP price on April 5, creating a long upper wick.
If the digital asset breaks out, it could increase to the next long-term resistance level at $0.650. On the other hand, if the price is rejected, it could drop to the nearest support level of $0.425.
A closer look at the price movement and wave count from the 12-hour time frame suggests that the XRP token price is currently in wave four of a five-wave increase (white). This gives a bullish XRP price prediction for April, indicating it could break out from the $0.525 resistance area and move toward $0.650. Besides being a horizontal resistance area, this is the 2.61 extension of wave one (white).
The most likely pattern for completing the corrective wave is a short-term symmetrical triangle. The XRP price bounced at the confluence between the triangle’s support line and the 0.382 Fib retracement support level (black) on April 3 (green icon). So, it is possible that was the low point of the correction, and a breakout will soon follow.
However, if the price drops below the wave one high of $0.433 (red line), this scenario would be invalidated, and the price could fall toward the $0.350 support level.
To conclude, the most likely XRP price forecast is an increase toward the $0.650 resistance area, but a drop below $0.433 could trigger a fall toward $0.360.
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