XRP Price Analysis: XRP Continues To Fall As Price is Stuck In Descending Channel

Published April 25, 2021 | Updated April 25, 2021

XRP Price Analysis: XRP Continues To Fall As Price is Stuck In Descending Channel

  • XRP has been downtrending for over a week
  • Price has been held by $1.03 support
  • Indicators show a breakout is soon

XRP rose 300% since the start of April. After being stuck under 1$ for nearly 3 years, thanks to the SEC lawsuit, XRP managed to breakout and set a three year high. This bullish impulse was not held up well as BTC started downtrending a few days after XRP hit its high of $1.95. XRP needs to break above its price channel to be considered bullish again.

While looking at the chart we can see the bears have been in full control of XRP since the high set on April 14th. Not only did XRP have a meteoric rise the last few weeks, the cryptocurrency market overall was due for a pullback. At this point, we should expect bulls to start slowing entering the market as this has been one of worst percentage falls in nearly 5 months.

 

XRP Price Analysis: XRPUSDT 4 Hr Chart

Chart by TradingView

 

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At the time of writing, the price has been held up by the 200 MA. If this level cannot hold, XRP risks another fall to $0.80-$0.90. In the case the bulls gain power back, XRP needs to break and hold the major resistance zone of $1.15. If this level can return to support, XRP will rally to $1.30 and beyond. As of now, a break to $1.30 would also validate a bullish breakout of the 10 day bearish descending channel.

While looking at the Stochastic RSI, we can conclude that investors are unsure of the next move for XRP. The strength sits around the 50 mark awaiting a soon bullish or bearish break. Confirming a potential bullish move, the MACD is sitting low, coiling for a bullish breakout. In addition,  The MACD histogram looks to be printing a bullish tick within 12 hours.

 

XRP intraday levels 

  • Spot rate: $1.05
  • Trend: Bearish
  • Volatility: High
  • Support: $1.03
  • Resistance: $1.15
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Domenic CoinGape 66 Articles
Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.
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