The performance of Ripple XRPUSD has not been very captivating recently. When most other cryptos gained, XRP still lagged. The day’s range for XRPUSD is $0.18556 — $0.19120.
Technical analysis of XRPUSD
XRPUSD Chart Published on TradingView.com
First, let’s take a look at the hourly timeframe for Ripple. We can observe that XRPUSD moved in a parallel channel before its decline recently. Currently, Ripple is trading at $0.18633. Relatively large red candles accompanied the downward. The lows created by the red candles have become lower.
Now let’s analyze the four-hour timeframe chart. We can see that XRPUSD has moved in the horizontal zone for some time now. The parallel area ranges from $0.18708 – $0.19.
Considering the current macroeconomic conditions, most of the cryptocurrencies must be in a bear market. On top of that, Ripple is on a downtrend. Therefore, the possibility of XRPUSD getting pushed out of this zone is relatively high.
The supports lie at $0.18228 and $0.17731.
However, if Ripple manages to break above the current region, the crucial resistance it will face is at $0.19634. There is a slight chance that XRPUSD might rise. The only possibility of that happening would be in case the volume surges, and the price moves to complement the volume.
The possibility of this happening is slim. The reward halving of Bitcoin that is set to take place in May has sparked a lot of interest among new investors. Thus, the only chance Ripple has to shine is by riding the wave with Bitcoin. The next couple of weeks are going to be crucial for XRP.
