XRP Falls After Creating Bearish Pattern: Multi-Coin Analysis

Be[in]Crypto takes a look at the price movement for seven different cryptocurrencies, including XRP, which is trading inside a long-term support area.

BTC

Bitcoin (BTC) has been moving upwards since April 11. So far, it has reached a high of $41,561. 

The price is approaching the $42,250 resistance. This is both a horizontal resistance area and the 0.382 Fib retracement resistance level.

Furthermore, it coincides with a descending resistance line that had been in place since Feb. While BTC initially moved above this line, it has fallen back below it. Therefore, the line is expected to provide resistance once more.

ETH

Ethereum (ETH) has been trading inside an ascending parallel channel since Jan 24. More recently, it bounced at the support line of the channel on Feb 24 (green icon) and reached a high of $3,580 on April 3. The high served to validate the resistance line of the channel (red icon). 

ETH has been falling since and is currently in the middle of the channel. Whether it bounces on it or falls to the support line could determine the direction of the future trend.

XRP

XRP has been falling since reaching a high of $0.93 on March 28. At the time, it had just created a double top relative to the price on Feb 9 (red icons). The double top is considered a bearish pattern, meaning that it leads to downward movements the majority of the time. 

On April 11, the price bounced at the $0.70 horizontal area (green icon). Previously, the price had bounced at the same area at the beginning of March. This is a crucial level since it has intermittently acted as both resistance and support since May 2021. 

If the area does not hold, the next closest support would be at $0.58.

YFI

Yearn Finance (YFI) has been increasing alongside an ascending support line since Feb 24. So far, it has reached a high of $25,459 on April 4. 

The price has been moving downwards since and broke down from the ascending support line on April 11. Currently, it is in the process of validating the line as resistance (red icon).

A breakdown below the $17,500 area could greatly accelerate the rate of decrease.

ANKR

ANKR had been increasing alongside an ascending support line since Feb 25. This led to a high of $0.102 on April 2.

However, the price has been moving downwards since and broke down from the ascending support line on April 6. It proceeded to reach a low of $0.066 on April 11. 

The ensuing bounce served to validate the 0.618 Fib retracement level as support. Since then, ANKR has increased by 19%.

SLP

Smooth Love Potion (SLP) had been increasing alongside an ascending support line since March 14. This upward movement led to a high of $0.0295 on April 4. 

However, SLP broke down from the line on April 8 and so far has reached a low of $0.0151. 

It is possible that the entire decrease since Feb is part of an A-B-C corrective structure (red). Giving waves A:C a 1:0.618 ratio would lead to a low of $0.144.

BNB

Binance Coin (BNB) has been decreasing alongside a descending resistance line since Nov 7. More recently, the line caused a rejection on April 5. This is the fifth time the price was rejected by the line.

Until BNB manages to break out from this line, the trend cannot be considered bullish.

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here