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Technical Analysis for XRPUSD for 13th April 2023

Ripple Retraces from March Highs, Support at $0.48

Past Performance of XRP

Ripple is bullish when writing, trading above $0.50, and the middle BB when writing on April 12. However, the momentum has since reduced, and buyers must sustain the uptrend. As it is, the wide-ranging bull bars of March 25 to 29 define the medium-term trend.

Ripple Technical Analysis

In the short term, the April 3 bear bar anchors the current formation. Resistance lies at $0.52, while support is at $0.48. Though trading volumes are relatively low, how prices react in the days ahead will determine the trend. Ideally, since buyers have the upper hand considering the upswing of March 25 to 29, a breakout above $0.52 may draw demand, aligning with the primary trend. Meanwhile, a high-volume sell-off pushing the coin below $0.48 and last week's lows may see XRP drop to $0.43, the 78.6% Fibonacci retracement level of the March trade range.

What to Expect from XRP

Buyers are ecstatic about what lies ahead, factoring in the expected conclusion of the Ripple-SEC case. Still, for this to be valid, there must be a comprehensive close above immediate liquidation levels as mentioned above. Critically, a close beyond the recent consolidation might set the motion for another leg up toward $0.58.

Resistance level to watch: $0.52

Support level to watch: $0.48

Disclaimer: Opinions expressed are not investment advice. Do your research.

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