LIVE#MarketSentimentToday
Research and analysis: #XRP remains above $0.51, a critical support level.
With the exception of Monday, the price of XRP remained tightly ranged between $0.5576, which served as resistance, and $0.5137, which served as support. When the resistance level is broken, XRP traders might consider the likelihood of a rally up to $0.6431, the high point on April 9. The top of the Donchian Channel meets this level.
Both the $0.50 and $0.60 levels provide psychological support and resistance, respectively, for XRP. If the latter is broken, it can indicate that the trend of the altcoin's price is changing.
When entering a trade at the current price of XRP—which is at the channel's midpoint—speculators might aim for the $0.6431 goal, representing a 20% rise.
One technical indicator that traders may use to find entry opportunities in the market and determine whether momentum is good or negative is the Moving Average Convergence Divergence (MACD). The MACD for XRP displays green bars above the neutral line, and a bullish crossing occurred on April 21. The XRP price is heading upwards, according to this indicator.
A possible trend reversal might be indicated if the price of XRP falls approaching the bottom border of the channel. If prices fall below $0.5137, which acts as support, the bullish thesis will be proven wrong, and the cryptocurrency is likely to reach its next target at $0.4717, which is the 23.6% Fibonacci retracement of the collapse from $0.6431 on April 9th to $0.4188 on April 13th.
LIVE
