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Vikram
Apr 15, 2022
by Vikram

XRP Technical Analysis: XRP strikes a cluster of technical resistance

XRP
XRP coin recovery rally challenges a cluster of resistances aligned $0.78 level. Can buyers undermine the overhead supply for uptrend resumption? 

Key technical points:

  • The daily-RSI slope entering the bullish territory

  • The XRP coin price has ascended by 15% within the last four days

  • Finally, the 24-hour trading volume of Ripple is $2.8 Billion, marking a 67% rise.

    • Past Performance of XRP

    Despite high volatility in the crypto market, the XRP/USDT pair actively responded to the rising trendline for the past two months. The bullish recovery spiked the coin price to a $0.93 high, reflecting a 33.51% from the $0.7 support. However, the recent sell-off in the crypto market reverted the altcoin from the $0.93 mark and plummeted it to the 0.618 Fibonacci retracement level. 

    TradingView Chart

    XRP Technical Analysis 

    The XRP coin price bounced back from 0.618 FIB level with four consecutive green candles. The post-correction rally soared 14.5% and hit the $0.785 resistance aligned with the 0.382 FIB level. 

    A cluster of EMAs(20, 50, and 100) near the $0.8-0.79 resistance zone mounts an intense supply pressure for the XRP traders. Moreover, the altcoin trading below these EMAs indicates trend control in sellers' hands. 

    RSI Indicator: Amid the recent recovery, the RSI slope rebounded from the 33% mark and pumped to the midline. A simultaneous breakout of $0.8 resistance and RSI slope from midline gives an additional confirmation for bullish recovery. 

    MACD Indicator: The MACD and signal lines are nearing a bullish crossover project buy signal for coin traders. Moreover, the diminishing red bars indicate that buyers gradually wrest control from sellers. 

    In a nutshell, the XRP technical analysis spotlights the chance of a bullish trend surpassing the $5 mark.

    Upcoming Trend 

    The XRP/USD pair experienced a significant inflow today, reflected by a 9.5% gain. If the coin buyers breach the overhead resistance of $0.785, the recovery rally will continue and rechallenge the 15% high of $0.9.

    Support Levels: $0.75 and $0.7

    Resistance Levels: $0.886 and $0.93

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    XRP Technical Analysis: XRP strikes a cluster of technical resistance
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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