Technical Analysis for XRPUSD for 13th April 2023
Ripple Retraces from March Highs, Support at $0.48
Past Performance of XRP
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.
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.