XRP Loses 34% in April, Here’s What’s Next (Ripple Price Analysis)

Read full article at CryptoPotato.

After Ripple ended April with a 34% red candlestick, it is now on the monthly Fibonacci Retracement at 0.786, and many expect the one-year downtrend to end.

Technical Analysis

By Grizzly

The Daily Chart:

XRP Daily 2nd May
Chart by TradingView

On the daily timeframe, after the price could not break the descending line at the end of March, the bears pushed XRP down by 40%. Ripple is currently on the horizontal support in the range of $0.5-$0.55, which has so far acted well.

The RSI indicator has also entered the oversold zone, which can technically be a bullish signal. Ripple might be on its way to starting an uptrend from current levels, in which case the first resistance is at $0.68 and then $0.8. If, for any reason, the bulls can not defend this support, then the price is likely to fall to around $0.4.

Moving Averages:

MA20: $0.70

MA50: $0.76

MA100: $0.74

MA200: $0.85

The 4-Hour Chart:

Chart by TradingView

In the 4-hour timeframe, the first challenge for Ripple is to break the horizontal resistance (marked yellow) at $0.63, as it failed to do so in the first attempt. However, the main barrier is the intersection of Ichimoku cloud and dynamic resistance (marked red), with the MA100 at $0.7. If the price fails to cross the static resistance, the range of $0.5-$0.55 will be more likely to be retested.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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