XRP Price Movement Analysis for 10th April, 2021

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News of former Ripple executives selling XRP in the auction, or changes in the SEC’s case against Ripple, have been hitting the market at frequent intervals, but the price has been surging in recent weeks. This indicated a deep bullish consumer mood, and investors are expected to push prices higher, with some observers predicting that the XRP ATH will be split.

XRP was on track to reach $1.25 in the coming hours, according to the charts. XRP’s breakout past $0.63 has seen it smash through several levels of resistance to $1, and it could reach $1.71 in the coming weeks.

XRP 12-hour chart

On shorter timeframes, a prominent ascending triangle (orange) developed over the last few days, resulting in a breakout above the $1.1 level. This could push XRP to $1.25 in the coming hours.

XRP had a clear bullish stance on the 12-hour timeframe as well. After nearly a month and a half of buyer-seller equilibrium, technical indicators showed that demand was gradually increasing over the past week. Momentum was also clearly in support of the bulls, but a bearish divergence is beginning to appear. This was insignificant for the time being because divergences on these timescales take a long time to play out.

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Using the Fibonacci retracement tool to plot all retracement and extension ranges for XRP, based on its step from the swing low at $0.36 to the swing high at $1.1, $1.45 and $1.71 is forecast as the 23.6 percent and 38.2 percent extension levels, respectively, and bullish technical targets in the coming weeks.

Reasoning

From mid-February to late March, the A/D line was down, but it has risen significantly in the last two weeks. This demand reinforces the stock surge above the previous support level of $0.63. The MACD indicated a definite bullish trend.

The RSI indicated the start of a bearish divergence – but, as previously said, this is far from being realised. The RSI, like the stock, is expected to rise more in the coming days, with the current value of 87 being the highest since January.

The Supertrend tracker remained in buy mode and would flip to sell on a session close below $0.85. (at the time of writing, likely to climb higher).

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Conclusion

XRP was highly positive and, after breaking through $1, is expected to have more space for growth in the coming weeks.

 

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