Reading time: ~2 m
- XRP price remains in a global downtrend.
- On the daily chart, the price shows a neutral-bearish trend.
- The weekly chart hints at continued growth, but strong resistance awaits buyers at $1.00.
XRP is trading at $0.82. The overall global trend for XRP has remained down since last May, when it peaked at $1.96. Locally, since December, the price has been moving in a wide range, with support at $0.55 and resistance at $1.00, however, this range has narrowed somewhat.
XRP Forecast April 5, 2022 by Kadr on TradingView.com
The price worked out the classic pattern of technical analysis: it left the symmetrical triangle, broke through the local downtrend, and now demonstrates a support retest, trading above the $0.78 resistance level. Looking at the longer term, the indicator signals on the weekly chart point to continued growth, but remain neutrally bearish on the daily chart:
- MACD — the histogram is slightly below the reversal level, the linear MACD is in the buy zone, but is directed downwards.
- RSI — in an uptrend above level 50, but in a downtrend.
- Volume — is worrisome as it remains low, much lower than the growth in April and May last year.
To continue the growth, it is necessary to remain above the level of $0.86, there is a serious zone of $1.00-1.00 ahead, where buyers will face serious resistance. Such a divergence on different timeframes indicates uncertainty in the market. If there is no consolidation above the level of $1.00, then there is no question of any breakdown of the downtrend.
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