XRP Price Price Movement Analysis for 19th April, 2021

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Since the beginning of April, the price of XRP has been rising. Though short-term bearish pressure did pose small speed bumps for the market yesterday, the overall bullish momentum remains.

Following a period of largely sideways trading in February and March, XRP’s uptrend in April has continued unabated. At the time of writing, XRP was trading at $1.38 and had a market capitalisation of $67 billion, ranking it fourth in the market.

XRP 1-day chart 

XRP’s long-term pricing action seemed to be very promising. Though the coin’s price has dropped somewhat in the last four days, it seems to have recovered with revived bullish momentum. This will encourage XRP to make another attempt to break through the $1.9 resistance, after a few failed attempts this week.

Even if sellers retake control of the altcoin market, it is unlikely that the immediate support at $1.31 would fail. Another support level is at $0.96, but even a significant decline does not seem possible in the current environment.

RECOMMENDED READ:  BAT,Bitcoin Cash, DigiByte Market Analysis for 12th January 2021

 

Rationale 

The technical indications for XRP are bullish. Bollinger Bands are further away, indicating that uncertainty is already driving the price of XRP. There has been a lot of volatility this month, but the bullish momentum has allowed XRP to turn it into clear uptrends.

The MACD tracker has just completed a bullish crossover and is on the brink of a pattern reversal. However, this could have no effect on the price in the coming week. The RSI indicator seemed bullish as well, but it was gradually pulling away from the overbought zone.

 

Important levels to watch out for 

Entry: $1.55

Stop loss: $1.34

Take profit: $1.85

Risk/Reward Ratio: 1.45

Conclusion 

The price of XRP has been steadily rising, and it is possible that it will do so again in the coming week. In this case, traders will profit from long positions and take profits of about $1.85. However, if bearish pressure increases, the current support level of $1.3 may help to stabilise the price.

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