XRP Technical Analysis – April 2022
The price of XRP entered the year in a bearish manner. The price was around $1 in the last week of December. Then, it had a bearish breakout of around 45%, where the price declined to around $0.55. Nonetheless, XRP found crucial support in that region, which then led to a price recovery.
Over the next couple of weeks, XRP reached as high as $0.91, after an increase of more than 65%. After hitting resistance, the price retraced to around $0.62. Then, XRP had yet another go upward, but it faced resistance once again close to the $0.90 region.
More recently, XRP retraced to $0.68 after finding support from the lower trend line in the shorter run. While XRP is currently trading above $0.75, the overall trend continues to be bearish, and the price may keep declining in the coming days, other things equal.
The fear and greed indicators suggest that there is overall fear throughout the market and not just for XRP traders. Moreover, looking at the Bollinger bands in the 1-day chart, we could see slightly less volatility compared to a couple of weeks back. Still, the price is moving within the bands, meaning that there are no indications for a trend reversal in the short run.
On another note, the recent price movement of XRP in the daily chart shows a narrowing wedge pattern. This pattern usually indicates that there may be a breakout in the coming days as the wedge gets narrower.
Key Structures
Support
- $0.68
Resistance
- $0.85
Indicators
Moving Average
Both the 20-MA and the 50-MA lines of a 1-day chart are currently acting as resistance to the price of XRP. Nonetheless, failure to break these MA lines could see XRP continue this downtrend.
The 9-EMA of a 1-day chart, on the other hand, is slightly below the current price of XRP, meaning that the price could keep increasing in the shorter run. Moreover, the MA line may act as support if the price aims further down.
Relative Strength Index
The RSI of a 1-day chart is now in equilibrium after being close to the oversold region below 30. This means that buyers have responded well to the price decline and took advantage of the dip. However, for XRP to keep increasing, the RSI should go above the equilibrium.
MACD
The MACD line of a 1-day chart is currently intersecting with the signal line and aiming to move above the baseline. This could see XRP have a shift in momentum and aim for a trend reversal in the coming days/weeks.
Fibonacci
The Fibonacci retracement levels of a 1-day chart suggest that XRP initially retraced to the 61.8% level, where it found support and went upward once again. After failing to break resistance at $0.90, the price found support again at that same level. This indicates that the overall buying pressure has increased in the last few weeks. This could be the key driving point for XRP in the coming days.
Price Prediction XRP – April 2022
Based on this technical analysis on XRP (XRP), the price of XRP may have another go upward once this retracement is finished. Since indicators strongly suggest that there is plenty of space for XRP to increase, and since the recent candlestick pattern shows possible signs of a breakout, we may see XRP increase in the coming weeks. If XRP manages to break our projected resistance level, then we may see XRP aim for $1.30 in the coming weeks, other things equal. Of course, the price of XRP also depends largely on the price movement of BTC. If the latter also increases, there’s no reason to doubt XRP’s potential for the short run.
Latest News for XRP – Affecting Price
Recent updates regarding XRP and the SEC lawsuit show that SEC has finally ended its discovery phase. This recent announcement came as a shock to many, including the likes of Jeremy Hogan, the attorney who is in charge of analyzing SEC lawsuits.
Almost NOTHING would have surprised me more than this.
And yes, this is a very good thing. The only remaining areas of delay are the appeal re the Hinman emails and in general just scheduling.
SEC discovery is complete and that’s a big step forward. https://t.co/Dh63kmG5uO
— Jeremy Hogan (@attorneyjeremy1) April 15, 2022
On the other hand, John Deaton, an attorney representing XRP holders, also stated that both the SEC and XRP could win something out of this lawsuit once the case is closed. He argued that while XRP may have the upper hand in some areas, there is still work to be done. He argues that SEC and XRP should reach common ground soon rather than let it be decided by the jury of the court. Despite the obvious losses that XRP can have, Deaton suggests that SEC could face problems as well, primarily because of the dispute regarding fair notice. For more arguments, check the Twitter thread below:
RIPPLE AND THE SEC CAN BOTH WIN.
Now that we have arrived at summary judgment time, I see a lot of comments on how @Ripple can’t lose at all. Not true.
Its possible that both sides win – technically and legally speaking, that is.
— John E Deaton (@JohnEDeaton1) April 18, 2022
Lastly, on a more bullish note, Rare Air Media has announced that it will bring Michael Jordan NFTs to the XRP ecosystem. With Jordan arguably being one of the greatest athletes of all time, these NFTs may greatly influence the price of XRP in the coming weeks.
Did someone say Michael Jordan #NFTs?👀
Our Creator Fund collaborated with @VSAPartners and Rare Air Media in the design, development and marketing of unique NFTs on the Ledger covering the sport and fashion icon. Details on the one-of-a-kind collection. https://t.co/1VfmThauCH
— Ripple (@Ripple) April 16, 2022