Ripple Price Analysis: After Disappointing Weekly Close, XRP Facing Huge Resistance

cropped potato fav2 32x32 1

Last week, after the news of Ripple’s complaint to the SEC was released, the price went up by 10%, and the bulls tried to turn the weekly candle green. Despite that, it ended in the red.

Technical Analysis

Technical analysis by Grizzly

The Daily Chart

On the daily timeframe, the bears defended the resistance at $0.8 and did not allow Ripple to break out of the Ichimoku Cloud, pushing the price down again.

Currently, the cloud, which is getting thicker, along with the dynamic resistance (marked red), are the main challenges for XRP.

This resistance range is between $0.8 and $0.85 and should be easy to get broken. If the bulls can break out of this range, then the resistance at $0.93 (marked red) will likely be tested again. The latter is the level that Ripple failed to break in 2022 in its previous two attempts. On the other hand, the support at $0.65 (marked green) is the first major support to watch.

XRP - Daily - 18th April

Moving Averages:

MA20: $0.77

MA50: $0.78

MA100: $0.75

MA200: $0.88

The 4-Hour Chart

On the 4-hour timeframe, Ripple is trading above the dynamic support (marked green). Last week’s spike caused XRP to test the MA200 (marked white) but failed to break above it.

Then, the bears pushed the price down 9% to the Fibonacci Retracement level of 0.618.

If Ripple can break above the resistance at $0.75, it is expected that the MA200 will be tested again; otherwise, the support at $0.7 is the first short-term support on the price path.

XRP - 4H - 18th April

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.