Ripple Price Analysis – April 18

  • The resistance level at $0.70 was tested on three occasions, which makes it strong and powerful. When the level is eventually broken by the bulls, it will become a powerful breakout.

Ripple, XRPUSD, CryptoCompare chart

XRPUSD Medium-term Trend: Bullish

Supply Levels:  $0.80, $0.75, $0.70                                      

Demand levels: $0.50, $0.55, $0.60

The XRPUSD pair is currently in a bullish market, trading at $0.68. The resistance at $0.70 was tested on many occasions by the bulls. The price stopped at the resistance level, which makes it a strong to breach. However, when the level is finally broken, the breakout will be very powerful. This usually leads to profits on your open trades.

Meanwhile, the RSI period 14 is level 78, which indicates that the market is overbought, suggesting bears will take control of the market. The market can rally even at the overbought market conditions. If the bulls break the resistance at $0.70,the  price will reach another high of $0.80, or $1.00.

XRPUSD Short-term Trend: Bullish

Ripple, XRPUSD, CryptoCompare chart

In the daily chart, the price was ranging at $0.67 before it fell to $0.65. At $0.65 it started a series of higher highs and higher lows up to the $0.68 level. Traders should look for buy setups, as the market is making a series of higher highs and higher lows. If the price retraces from the recent high, a support level will be created to enable traders to place long trades.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research