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XRP token aims to continue the bullish trend

In early April, XRP showed strong growth, during which the rate rose by almost 300% from $ 0.50 to $ 1.95. This rally was halted at the major resistance level of $ 1.95 as the bears began to take over.

Over the past 4 days, XRP has failed to break out of its price channel. The bearish trend intensified when BTC dropped nearly 15% yesterday to hit $ 50,000.

Looking at the current XRP price movement, we can see that the bulls have recovered somewhat from their losses and the token is now showing a daily gain of 8%. Major support at $ 1.15 met the lower trendline of the downtrend price channel, forming a strong rebound zone for XRP. At the moment, XRP support is $ 1.30.

For XRP to continue its bullish trend over long time frames, the upper trendline of its channel must be completely broken. This upper trendline is currently hovering around the minor resistance level of $ 1.47. Once the price is able to break out of these two levels, it becomes clear if it can break the resistance level at $ 1.64.

Stochastic RSI started to rise after 4 long days of being in oversold conditions. This could signal that momentum has begun to rally in the four-hour timeframe as bulls try to push XRP towards key levels. The current view on MACD should be considered optimistic. The histogram (green and red bars) has started an uptrend in pursuit of green. In addition, the blue MA is heading towards the orange MA in anticipation of a potential bullish crossover.

Daily XRP levels

  • Spot Rate: $ 1.42
  • Trend: Moderately Bullish
  • Volatility: high
  • Support: $ 1.30
  • Resistance: $ 1.47

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