Ripple (XRP) Turns Down At The $1.50 Resistance Zone, Downtrend Likely
April 27, 2021
Ripple (XRP) Long-Term Analysis: Bearish
On April 26, XRP rebounded above the $1.00 support and rallied on the upside. The crypto rallied to $1.46 high and was resisted. The bulls failed to sustain the bullish momentum above the $1.50 resistance level. Ripple is now in a downward move after the resistance at $1.50. As price falls, the market may decline to the lows of $1.00 or $0.90. However, if the bulls break the $1.50 resistance level, the XRP price will rally to $1.75 and $1.95 price levels. In the meantime, XRP is falling on the downside.
Ripple (XRP) Indicator Analysis
The biggest altcoin has broken and closed above the resistance line of the descending channel. It indicates that the uptrend has resumed. XRP price has broken above the moving averages which indicates a possible rise in price. XRP is at level 59 of the Relative Strength Index period 14. It indicates that XRP has room to rally on the upside.
Major Resistance Levels – $0.90, $0.95, $1.10
Major Support Levels – $0.50, $0.45, $0.40
What Is the Next Direction for Ripple (XRP)?
Ripple is in a downward movement as it faces rejection at the $1.50 resistance zone. On April 27 uptrend, a retraced candle body tested the 88.6 % Fibonacci retracement level. This retracement implies that XRP will rise to level 1.1129 Fibonacci extensions or the high of $1.51. At this level, the market may reverse. From the price action, XRP has turned from the $1.50 resistance zone.
Note: cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results