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XRP Price Analysis – April 12 Bearish

XRP Chart by TradingView

XRPUSD Medium-term Trend: Bearish

  • Resistance Levels: $0.56, $0.58, $ 0.60
  • Support Levels: $0.33, $0.31, $0.29

Yesterday, April 11, the XRP price was in a bearish trend. After the bulls were resisted at the $0.37 price level, the bears broke the $0.35, $0.34  and closed above the $0.32 price levels. Yesterday, it was argued that if the bears broke the $0.34 price level, the crypto’s price would fall into the previous range bound zone, between the levels of $0.28 and $0.34.

The crypto’s price is below the EMAs which indicates that the price will further depreciate. Today, XRP price is trading and approaching the $0.32000 price level. The XRPUSD pair is likely to face more selling at the $0.32 and $0.31 price levels. Also, the crypto’s price is likely to revisit the previous lows of $0.29 and $0.30.

Meanwhile, if the bears reach the $0.31715 price level which was the previous low of the price rally, the crypto’s  bullish gains will be eroded. Meanwhile, the stochastic is in the overbought region but below the 60% range. This indicates that the XRP price is in a bearish momentum and a sell signal.

XRPUSD Short-term Trend: Bearish

XRP Chart by TradingView

On the 4-hour chart, the XRP price is in a bearish trend zone. The crypto’s price was ranging above the $0.35 price level before climbing above the $0.36 price level. On April 10, the bears broke the $0.35 price level which degenerated into a downward trend.

Today, the price is approaching the lower price level of the previous price range. Traders should be ready to initiate long trades if the price falls to the previous lows of $0.29 and $0.30. Meanwhile, the stochastic indicator is in the oversold region but below the 20 % range which indicates that the XRP price is in a  strong bearish momentum and a sell signal.

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Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

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