Technical Analysis for XRPUSD for 21st April 2023
Ripple Prices Dropping, XRP Sinks 13% as Bears Aim at $0.40
Past Performance of XRP
Like the rest of the market, Ripple is under pressure, pulling back from H1 2023 highs. XRP is currently down 13% from this week's highs. Considering the formation in the daily chart, the coin might continue plunging in the days ahead, an opportunity for aggressive traders.
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
Disclaimer: Opinions expressed are not investment advice. Do your research.
For more interesting tips and facts visit our Education Centre.
Have Questions?
We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!
Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
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.
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.