Technical Analysis for XRPUSD for 21st April 2023
Ripple Prices Dropping, XRP Sinks 13% as Bears Aim at $0.40
Past Performance of XRP
Ripple Technical Analysis
Even though trading volumes are relatively low, the drop of April 19 had high participation levels. Therefore, sellers have the upper hand from an effort versus result perspective. This preview will only change if there is a sharp high-volume expansion above this week's high. Notably, the April 19 bearish bar is also wide-ranging, coming days after horizontal consolidation from February peaks. Since there has been a confirmation, traders can look for entries to short, provided prices are below $0.53. As it is, the next target will be at $0.40, marking the 78.6% Fibonacci retracement level of the March 2023 trade range. If XRP bears continue pressing on, the coin may crash to as low as $0.37.
What to Expect from XRP
Sellers are in control, and prices are pulling back from March highs after extended periods of consolidation. The April 19 bear bar anchors this formation. Unless there is a comprehensive reversal, bears remain in control.
Resistance level to watch: $0.53
Support level to watch: $0.40
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