XRP Price Analysis: Ripple Loses $0.8, Here’s the Next Support

source : cryptopotato.com

https://cryptopotato.com/wp-content/uploads/2022/04/XRP-4H-7th-April.png

Ripple, like Bitcoin and Ethereum, could not manage to break above the daily MA200 and has fallen into a downward trajectory.

Technical Analysis

By: Grizzly

The Daily Chart:

XRP - Daily - 7th April
Source: TradingView

On the daily timeframe, after the bears defended the resistance at $0.93 well, they were able to push the price down to $0.75 and deliver a 19% correction. Ripple is currently stuck between the daily MA100 (marked white) as support and MA50 (marked yellow) as resistance.

If the bulls can push the price above $0.82, it’s reasonable to expect the resistance zone at $0.93 (marked red) to be tested again. Otherwise, the support zone at $0.7 (marked by green) has the potential to reverse the trend,

and this can be considered the end of the uptrend.

Although the ROC 14 indicator is below the baseline, it is still above the ascending line (marked blue). Overall, the trend is still bullish as long as XRP holds the mentioned supports.

The 4-Hour Chart:

XRP - 4H - 7th April
Source: TradingView

On the 4-hour timeframe, Ripple is fluctuating within an ascending triangle, which is technically a bullish pattern. However, in such cases, one has to wait for an exit from one side in order to make a better decision.

If the price breaks out of the upper side and crosses the resistance at $0.93, one can expect the targets above $1 to be touched. And if it breaks out of the bottom and crosses the support at $0.72, one can expect the support level at $0.62 to be tested again.

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Cryptocurrency charts by TradingView.


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