XRP following bearish sentiment as price drops to $0.32

Ripple (XRP) Price Analysis – April 22

Highlights:

Since the beginning of April, the third largest cryptocurrency has been following a bearish sentiment as price drops to a current value of $0.32 level. Ripple may further fall if the supply remains heavy. However, a positive move is likely as soon as the bulls’ pressure overwhelms the bears’.

XRP-USD Market

Key Levels:

Resistance levels: $0.36, $0.38

Support levels: $0.31, $0.29

For the past three weeks, XRPUSD market has been subdued within the boundaries of a falling channel with choppy price action. It shows that trading volatility has been relatively low past few days of trading. The bigger picture is actually revealed on the medium-term RSI; now facing up.

As indicated on the 4-hours Stochastic RSI, slowly, the bulls appeared to be gaining momentum as pressure rises. A swing high is likely to meet resistance level at $0.36; maintaining the trend line. A break above the channel might launch the coin for a bull-run; testing $38 before a rally up.

On the downward side, a decline would locate quick support at $0.3. A break below the channel may lead to a significant price drop.

XRP-BTC Market

April short open has positioned Ripple market in a substantial long-fall as price action remains in the boundaries of a bearish wedge. As it appeared, the wedge is getting tighter as price nears its angle. With this signal, XRP is reaching a point of price break which may be sooner than later.

A view at the 4-hours RSI revealed a push-up. Breaching the upper trend line could shoot price to a close resistance at 6600 SAT. However, a drop may position the trend back below 50 level.

More so, the 4-hours Stochastic RSI has currently crossover the oversold line; reflecting a buying pressure which is revealing on the chart. If price fails to break-out of the wedge, XRPBTC would continue to respect the falling wedge.

Please note: Niffler.co is not a financial advisor and this article should not be treated as financial advice. However, you are welcome to apply this information on our simulated cryptocurrency exchange.