Bitcoin (BTC) has recovered much of its January losses, and traders’ attention now goes to April, which has historically been a strong month for the cryptocurrency. ETH too has made similar gains and rest of the market has been following suit.
Ripple(XRP) Price on the verge of breakout
The Ripple(XRP) surge was interrupted on several occasions by resistance at $0.88, resulting in an 8.5 percent drop. The coin price, however, bounced back from the impending support trendline, forming a cup and handle pattern.
The XRP price is consistently supported by the 50-day EMA. The XRP’s intraday trading volume is $2.07 billion, suggesting a loss of 57.6 percent.
The price of (XRP) rallied back from $0.7 support on March 4th, forming a V-shaped recovery. A choppy but steady bull run driven by buyers broke through the $0.8 local resistance.
The altcoin’s buyers were buoyed by the follow-up breakthrough, which sent the altcoin 10% higher to its previous swing high of $0.88. The purchasers attempted to pierce this above resistance on March 28th, followed by a considerable increase in volume activity.
The sellers, on the other hand, reverted the price with the same vigour, forcing a candle to close below the $0.88 line. The bears sought to capitalise on the rejection by pulling the market lower, but they were stopped by the reversed support levels of $0.8.
What next for XRP?
A possible reversal might send the altcoin back to $0.88 resistance, revealing the cup and handle pattern. A successful breakout would activate the bullish pattern, allowing for additional price recovery.
Alternatively, if the sellers shatter the dynamic support trendline and give a close below it, the altcoin will return to $0.7 support.
The resistance levels for XRP here one are $0.88-$0.90 and $1 and the
Support levels in case of a downfall are $0.8 and $0.7.
The price of XRP oscillates between the 50- and 200-day exponential moving averages. A true breakthrough from either of these EMAs would add to the confidence in the following rise.