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XRP Price Analysis – April 9 Bullish

XRP Chart by TradingView

XRPUSD Medium-term Trend: Bullish

  • Resistance Levels: $0.56, $0.58, $ 0.60
  • Support Levels: $0.35, $0.33, $0.31

Yesterday, April 8, the XRP price was in a bearish trend. The crypto’s price was resisted when it tested the $0.37 price level. The XRP price was retracing for the past two days. On the upside, if the crypto’s price retraces to the support of the 12-day EMA; there is a likelihood of the bulls resuming their bullish trend to retest the $0.37 resistance level.

Also, the bulls will break the $0.37 price level if more buyers are introduced at the upper price level. On the other hand, if the bearish trend continues and breaks below the EMAs, the XRP price will resume a downward trend. Meanwhile, the stochastic is in the overbought region but above the 60% 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 zone. In the last one week, the crypto’s price was fluctuating between the  $0.37 resistance level and the EMAs. The crypto’s price is now below the EMAs which indicates that the price is likely to further depreciate.

On the downside, if the price retraces and breaks below the $0.35 price level, the crypto’s price will fall and find support at either $0.34 or $0.33 price level. On the upside, if the bulls break above the EMAs, the crypto’s price will resume its bullish trend and retest the $0.37 resistance level.

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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