XRP Price Analysis: XRP Price Stuck In A Descending Channel as Bulls Fail to Hold Key Level

XRP price falls nearly 40% from 3 year high of $1.95
XRP price has been stuck in a descending channel
Major support of $1.15 held XRP in yesterday’s bloodbath

XRP price had a massive run to start off April with prices rising nearly 300% from $0.50 to $1.95. This rally was halted at the major resistance level of $1.95 as bears began to take control. For the last 4 days XRP has failed to break upwards out of its price channel. This bearish trend was sped up as BTC tumbled nearly 15% yesterday to $50,000.

XRP Price Analysis: Daily Chart

While looking at the current price action of XRP, we can see that the bulls quickly gobbled up the low prices of XRP and the token has revived 25% off its lows. The major support level of $1.15 was also met with the bottom trend line of the descending price channel. This formed a strong bounce area for XRP to start its revival. As of now, immediate support for XRP stands at $1.30.

For XRP to continue its large time frame bullish trend, the top trend line of its channel needs to fully break. This top trend line is currently fluttering around the minor resistance level of $1.47. Once the price can break free of these two marks, the road is clear to have a try at the major resistance level of $1.64. As it currently stands, consolidation between $1.30 & $1.47 is expected as a large drop usually leads to coiling before reviving upwards.

The Stochastic RSI has began rising from a long 4 days of being in oversold conditions. This can signal power has begun to spike on the 4 HR time frame as bulls try to push XRP past its key levels. The current view of the MACD should be considered very bullish. The histogram (green & red bars) has began an upward trend in pursuit of ticking green. In addition, the blue MA is heading towards the orange MA eyeing a potential bullish cross.

XRP Price Intraday levels

Spot rate: $1.42
Trend: Bearish
Volatility: High
Support: $1.30
Resistance: $1.47

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.

About Author

Domenic CoinGape

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.