XRP Price Movement Analysis for 3rd April, 2021

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Over the last fortnight, the XRP market has seen a clear uptrend. In the last ten days, the digital asset’s worth increased by 10% and has remained over $0.6. XRP was ranked seventh on the CoinMarketCap ranking of leading cryptos at the time of publication, with a market capitalisation of $29.04 billion and a price of $0.6222.

XRP 1-day chart

According to the aforementioned map, the price of XRP has remained above $0.2514 since the beginning of 2021. However, it was the lowest price range seen this year, and the price has since risen to its annual average.

The XRP price rose from its lowest point and later sought help at $0.4236, after which it had to conquer opposition at $0.6545. Despite the surge, though, the price has been unable to break through the resistance level. This loss of traction in the economy suggests that a market downturn is in the works.

Reasoning

The market’s uncertainty rose as a result of the abrupt surge, but it has since decreased as the price has reached resistance. The signal line was positioned under the price bars, along with the 50 moving average, suggesting that the price was trending upward. However, these two lines were currently acting as immediate support for the XRP price.

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The relative strength index, on the other hand, indicated that XRP was about to reach the overbought region. The RSI value was 68, and the market had already been saturated by buyers. However, the lack of leverage means that sellers would be unable to push the market over the opposition, and a price swing is possible.

Important levels to watch out for 

Entry-level: $0.6060
Take profit: $0.4170
Stop-loss: $0.6701
Risk to Reward: 2.95

Conclusion

The current XRP market painted a bullish picture, but a price swing is likely. As the digital asset entered the overbought zone and lost traction, the price may experience a sharp drop to $0.4236.

 

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