Technical Analysis for XRPUSD for 4th April 2023
Ripple Bullish and XRP May Rally above $0.58
Past Performance of XRP
Ripple Technical Analysis
XRP traders are bullish. Even though there is a cool-off, the immediate resistance is at $0.58, coinciding with February 2022 lows. Meanwhile, support lies at the March 21 bull bar at around $0.50. This wide-ranging bar also serves as the anchor bar that shapes the short to medium-term trend. As it is, every high above $0.50 may offer an entry for optimistic buyers targeting a retest of $0.58. This has been helped by the relatively low trading volumes of the recent days accompanying sellers. Overall, this is a net positive for traders and could support XRP from a volume perspective.
What to Expect from XRP
Traders expect XRP to expand and break above the multi-month consolidation above $0.58. However, the spark depends on the ongoing Ripple-SEC case that's almost being concluded. Should it be judged favorably, XRP could explode above Q1 2023 highs to $0.70 or better.
Resistance level to watch: $0.58
Support level to watch: $0.50
Disclaimer: Opinions expressed are not investment advice. Do your research.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.