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XRP Price Analysis – April 16 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 15, the XRPUSD pair traded in the bearish trend zone. The crypto’s price fell to a low at $0.32 price level. The XRP price is below the 12-day EMA and the 26-day EMA which indicates that the price is likely to fall. The crypto’s price is likely to revisit the previous lows of $0.29 and $0.30 price levels because the price is in the previous range bound zone.

Meanwhile, the bulls will make an initial attempt to break the 12-day EMA and the 26-day EMA to the upside; but may face resistance. On the downside, if the bulls fail to break the EMAs, the crypto’s price will fall and drop to the lows of $0.29 or $0.30 price levels.

On the upside, if the bulls break above the EMAs and the price is sustained above it, there is a likelihood of the bulls testing the $0.34 and $0.37 price levels. Meanwhile, the stochastic is in the oversold region but below the 20% range. This indicates that the XRP price is in strong 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. On April 11, the crypto’s price fell to a low at $0.33 and commenced a range bound movement. This range-bound movement was resisted at the 26-day EMA which led to a downward fall.

Yesterday, the crypto’s price fell to a low at $0.31687 and commenced a bullish movement. Today, if the crypto’s price is resisted by the EMAs, the XRP price is likely to further depreciate. Meanwhile, the stochastic indicator is in the oversold region but above the 20% range which indicates that the XRP price is in a bullish momentum and a buy 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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