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XRP Price Analysis – April 24 Bearish

XRP Chart by TradingView

XRPUSD Medium-term Trend: Bearish

  • Resistance Levels: $0.56, $0.58, $ 0.60
  • Support Levels: $0.31, $0.29, $0.27

On April 18, the XRPUSD pair was in a bullish trend. The bulls tested the $0.34 resistance level and were resisted. The bears broke the 12-day EMA and the 26-day EMA to reach the bearish trend zone. The bears also broke the $0.33, $0.32, and $0.31 price levels.

The crypto’s price is approaching the low at $0.29. The crypto’s price is below the EMAs which indicates that the price is likely to fall. The crypto’s price is in the previous range-bound zone of $0.28 and $0.34 price level. The crypto’s price is likely to depreciate to the lows at either $0.28 or $0.29 price level.

On the downside, the bearish trend is ongoing if the trend line remains unbroken by a bullish candlestick . The bearish trend is assumed terminated if a bullish candlestick breaks the trend line and another one closes on the opposite of it. Meanwhile, the stochastic is in the oversold region but above the 20% range. This indicates that the XRP price is in a bullish momentum and a buy 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 22 and 23, the bulls tested the $0.33 resistance level and were resisted. The crypto’s price fell and tested the low at $0.29595 to resume its bullish trend. On the upside, if the $0.29 support level holds, the crypto’s price will resume its bullish trend.

However, if the $0.29 support level is broken, the crypto’s price will depreciate to the $0.28 price level. 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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