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    Home » XRP » XRP Loses 34% in April, Here’s What’s Next (Ripple Price Analysis)

    XRP Loses 34% in April, Here’s What’s Next (Ripple Price Analysis)

    Author: George Georgiev

    Last Updated May 2, 2022 @ 17:19

    After Ripple ended April with a 34% red candlestick, it is now on the monthly Fibonacci Retracement at 0.786, and many expect the one-year downtrend to end.

    Technical Analysis

    By Grizzly

    The Daily Chart:

    XRP - Daily - 2nd May
    Chart by TradingView

    On the daily timeframe, after the price could not break the descending line at the end of March, the bears pushed XRP down by 40%. Ripple is currently on the horizontal support in the range of $0.5-$0.55, which has so far acted well.

    The RSI indicator has also entered the oversold zone, which can technically be a bullish signal. Ripple might be on its way to starting an uptrend from current levels, in which case the first resistance is at $0.68 and then $0.8. If, for any reason, the bulls can not defend this support, then the price is likely to fall to around $0.4.

    Moving Averages:

    MA20: $0.70

    MA50: $0.76

    MA100: $0.74

    MA200: $0.85

    The 4-Hour Chart:

    XRP 4H - 2nd May
    Chart by TradingView

    In the 4-hour timeframe, the first challenge for Ripple is to break the horizontal resistance (marked yellow) at $0.63, as it failed to do so in the first attempt. However, the main barrier is the intersection of Ichimoku cloud and dynamic resistance (marked red), with the MA100 at $0.7. If the price fails to cross the static resistance, the range of $0.5-$0.55 will be more likely to be retested.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Ripple (XRP) Price
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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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