XRP Price Analysis – April 29

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Ripple, XRPUSDXRP Chart by TradingView

XRPUSD Medium-term Trend: Bearish

  • Resistance Levels: $0.56, $0.58, $ 0.60
  • Support Levels: $0.29, $0.27, $0.25

Last week the XRP price was in a bearish trend and the bearish trend was terminated on April 26. The crypto’s price fell from the high of $0.33 to the $0.29 support level. On April 26, a bullish candlestick broke the bearish trend line signaling the end of the bearish trend.

This week the crypto’s price is likely to rise as the bulls attempt to break the 12-day EMA and the 26-day EMA. The crypto’s price will revisit the highs of $0.33 and the $0.34,  if the bulls break the 12-day EMA and the 26-day EMA. On the downside, if the bulls fail to break the EMAs, the XRP price will fall or commence a range bound movement.

Nevertheless, the crypto’s price is trading at $0.30 as at the time of writing. In the previous low on March 25, at $ 0.30, the bulls broke above the EMAs and reached a high of $0.37. The crypto’s price can replicate the same price action. Meanwhile, the stochastic is in the oversold region but above the 20% range. This indicates that the XRP price is in a bullish momentum and a buy signal.

XRPUSD Short-term Trend: Bearish

Ripple, XRPUSDXRP Chart by TradingView

On the 4-hour chart, the XRP price was in a bearish trend in the previous week. On April 22 and 23, the bulls tested the $0.33 resistance level and were resisted. The crypto’s price fell to the $0.29500 support level. The XRP price made an upward correction, but was resisted at $0.30500 price level. This resulted in the price falling to the low at $0.29000.

The bulls have taken control of the price as the crypto’s price is in the bullish trend zone. The crypto’s price is currently facing resistance at the $0.31 price level. Meanwhile, the stochastic indicator is in the overbought region but above the 60 % range which indicates that the XRP price is in a bullish momentum and a buy signal.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.       

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