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Technical analysis: #XRP aims for additional gains after Thursday's closing over $0.50
Friday, April 19 was the end of Ripple's downward trend. Ever since then, the altcoin's daily price chart has shown rising highs and falling lows.
As a form of sticky barrier, Ripple closed Wednesday's trading session above $0.51. Almost ten days of fall came to an end as the climb above this level began. According to the Volume Profile indicator, XRP is probably heading towards $0.5478, a level where a bigger volume of XRP was traded.
Volume Profile is an indicator that takes the total volume of trades at a certain price point over a given time frame and uses it to show where the asset was most actively traded, so that important levels of support and resistance may be located.
The most recent high in trading volume occurred at the Point of Control (PoC) level of $0.6162. Expect XRP to inevitably converge on this level as it continues its upward path.
XRP's value has the potential to increase by roughly 6% once it reaches the $0.5458 objective. Even higher, the XRP/USD pair encounters immediate opposition at $0.5574, which is the 61.8% Fibonacci retracement of Ripple's slide from April 9 ($0.6431) to April 13 ($0.4188) and $0.5787, which is significant resistance on the weekly time frame.
However, the idea of XRP price recovery could be thrown out if the daily candlestick closes below support on the weekly chart, which is $0.4868. The altcoin's fall can take it all the way down to its April 13 low of $0.4188.
