XRP, the cryptocurrency affiliated with blockchain-based payments firm Ripple, has managed to stay above the $0.50 price level for a record-breaking 11 days. The digital asset has exhibited a pattern of bouncing back above the $0.50 level after encountering periodic resistance from bearish traders.
The asset is currently trading at $0.51 as of April 8th. The next resistance level for the buyers is at the $0.56 to $0.58 zone. If the asset manages to close above this area, it could signify the start of the next leg of recovery.
The daily time frame technical analysis shows that XRP’s price has been consolidating after reaching its yearly high on March 29. The price had surged since breaking out of a descending resistance line on March 21, leading to the aforementioned yearly high.
Though the price subsequently fell below the $0.530 area, the RSI did not indicate any bearish divergence. However, the area again rejected the XRP price on April 5, creating a long upper wick. The SEC-plagued coin could rise to the $0.650 long-term resistance level if it manages to break out from its current position. Conversely, if it faces rejection, it could experience a drop to the nearest support level of $0.425.
A closer examination of the price movement and wave count from the 12-hour time frame suggests that the XRP token price is currently in wave four of a five-wave increase.
This gives a potentially strong bullish XRP price prediction for April, indicating that it could break out from the acclaimed $0.54 key resistance area.
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Elena R
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
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