Ripple Price Prediction: XRP Price Holds Near Multi-week Support Around $0.70

Rekha chauhan
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
XRP Holding Better Than Most Altcoins, Here's Why

XRP price continues to extend losses after slipping below the crucial resistance near $0.91 on March 28. The price found reliable support at around $0.70. However, the limited price action suggests waiting for more confirmation before setting up any directional bias.

  • XRP price fell for the fourth straight session in a row on Saturday.
  • Investors can expect a jump toward $0.85 as the price approaches the vital support zone.
  • However, a breakdown of the $70.0 support level would invalidate the bullish theory.

As of writing, XRP/USD is trading at $0.71, down 2.86% for the day. The 24-hour trading volume of the sixth-largest cryptocurrency is holding at $1,532,867,643 as updated by the CoinMarketCap.

Advertisement
Advertisement

XRP price set to move higher

Source: Trading view

On the daily chart, the XRP price retraced 25% after testing the swing highs at $0.91 on March 28. The price after briefly falling below $0.70 bounced back to revisit the psychological $0.80 level. However, the bulls lack the conviction to carry forward the gains. The formation of the ‘spinning top’, a bearish reversal resulted in the fall of the price.

Now, the price consolidates near the multi-week support placed around $0.70, a sustained buying pressure could push the price higher to recapture the horizontal resistance line at $0.75.

The next upside target could be found at the April 16 highs of $0.80.

On the flip side, a break below the session’s low would neglect the bullish arguments for the price. In this scenario, the sellers would drag XRP to the lows of April 11 at $0.68.

In addition to that, a sustained selling pressure would open the gates for $0.65.

Technical indicator:

RSI: The relative strength index traded below the average line since March 30. But bounce back from the oversold zone on April 11  still trade lower. This indicates the pressure on the price still any uptick will result in a bounce back in the price.

 

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.