XRP Price Reaching $1 Seems Unlikely, Until It Holds This Level

Time Stamp: April 17, 2022 3:37 AM
Source Node: 1266960

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Despite the XRP lawsuit, the currency enjoyed a price increase as it approached $0.8. As the price broke the previous lower high, the short-term downtrend from late March appeared to be broken.

The $0.75 support level could provide some support for XRP, allowing it to build another higher low. There is also a significant downward trendline resistance for the prices to overcome. 

XRP Price Analysis

The blue line denotes the middle of a trading range that XRP has been in since August. Furthermore, the $0.78-$0.8 range is a significant resistance zone. To signal a bullish rise, XRP has to break through this area and retest it as a demand zone.

The $0.75 mark is another area where the price could fluctuate. The prior day saw a strong bullish advance from $0.71 to $0.79, followed by a return to the $0.74-$0.75 level to collect sidelined liquidity before another upward surge. 

More upside to follow?

For the past few days, the RSI has been above the neutral 50, indicating the bullish momentum of the past few days. The Stochastic RSI was oversold, and the RSI was hovering around the neutral 50 line. Prices for XRP may rise in the next hours as a result of this.

The OBV had been on a downward trend in April, but it appeared to have turned upwards. The bulls were encouraged by the increase in buying volume. 

The latest advances for XRP were backed by strong purchasing activity, and the price also managed to break through the trendline barrier. In the immediate term, the break of the old lower high at $0.79 was positive.

A repeat of the $0.75 support level, or a retest of the $0.78 area from above, could present a buying opportunity. 

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