XRP Price Movement Analysis for 8th April, 2021

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XRP has made significant gains in recent days, rising from $0.58 to $1.11 on the charts before retracing some of those gains. At the time of publishing, XRP was clinging to a high support level of $0.925, forming a triangle pattern. The course of its next pass, however, had not yet been verified, but it was supposed to be upward.

XRP 1-hour chart

A symmetrical triangle was discovered on the maps (white). Price will smash the trendlines in any direction with this pattern. This pattern, on the other hand, seemed to be a continuity pattern. As a result, the market will move in the direction of the previous movement, which was upwards in this situation.

The Fibonacci retracement levels plotted based on XRP’s rally from $0.56 to $1.11 highlighted certain levels of support, and the stock had visited the 23.6 percent and 38.2 percent retracement levels at $0.95 and $0.86.

Before the corrections, the technical indicators indicated some overextension, indicating that momentum was turning back in the bulls’ favour.

Reasoning

The RSI showed a bearish divergence (orange) before the drop to $0.86. Bullish twin peaks formed on the Awesome Oscillator in subsequent trading sessions. The AO also crossed over the zero axis, indicating a buy signal.

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XRP, on the other hand, had not yet broken out of the triangle pattern. Before a breakout past $0.95, a fall to the $0.88-$0.9 area can be used to search for stop-loss orders.

There was also a possibility that XRP would trade sideways in the coming days. Unlikely, but not impossible, and this consolidation will provide an opportunity to add to spot positions on the asset.

 

Conclusion

XRP could make a strong move north within the next 24-48 hours. The $0.925 level is a high support level, and demand is expected to increase in the $0.88-$0.9 range as well. If XRP falls below $0.86 in the coming days, it is expected to fall to $0.79. Another split of $1 would almost certainly result in a retest of $1.1.

 

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