XRP Technical Analysis: XRP strikes a cluster of technical resistance PlatoBlockchain Data Intelligence. Vertical Search. Ai.

XRP Technical Analysis: XRP strikes a cluster of technical resistance

Time Stamp: April 15, 2022 7:30 AM

XRP Technical Analysis

XRP coin recovery rally challenges a cluster of resistances aligned $0.78 level. Can buyers undermine the overhead supply for uptrend resumption?  Key technical points: The daily-RSI slope entering the bullish territory The XRP coin price has ascended by 15% within the last four days Finally, the 24-hour trading volume of Ripple is $2.8 Billion, marking a 67% rise. Past Performance of XRP Despite high volatility in the crypto market, the XRP/USDT pair actively responded to the rising trendline for the past two months. The bullish recovery spiked the coin price to a $0.93 high, reflecting a 33.51% from the $0.7 support. However, the recent sell-off in the crypto market reverted the altcoin from the $0.93 mark and plummeted it to the 0.618 Fibonacci retracement level.  Source-Tradingview XRP Technical Analysis  The XRP coin price bounced back from 0.618 FIB level with four consecutive green candles. The post-correction rally soared 14.5% and hit the $0.785 resistance aligned with the 0.382 FIB level.  A cluster of EMAs(20, 50, and 100) near the $0.8-0.79 resistance zone mounts an intense supply pressure for the XRP traders. Moreover, the altcoin trading below these EMAs indicates trend control in sellers’ hands.  RSI Indicator: Amid the recent recovery, the RSI slope rebounded from the 33% mark and pumped to the midline. A simultaneous breakout of $0.8 resistance and RSI slope from midline gives an additional confirmation for bullish recovery.  MACD Indicator: The MACD and signal lines are nearing a bullish crossover project buy signal for coin traders. Moreover, the diminishing red bars indicate that buyers gradually wrest control from sellers.  In a nutshell, the XRP technical analysis spotlights the chance of a bullish trend surpassing the $5 mark. Upcoming Trend  The XRP/USD pair experienced a significant inflow today, reflected by a 9.5% gain. If the coin buyers breach the overhead resistance of $0.785, the recovery rally will continue and rechallenge the 15% high of $0.9. Support Levels: $0.75 and $0.7 Resistance Levels: $0.886 and $0.93

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