- Ripple stays above the support at $0.3200 while the upside is capped below $0.3300.
- Sideways trading likely to continue while recovery hopes dwindle.
The 4-hour chart for XRP/USD shows that the third largest cryptocurrency by market capitalization has no shortage of support levels. However, the upside is still limited below $0.3300 which will come to see using the confluence detector that it is the strongest hurdle. As shared in an earlier price overview, XRP/USD is still dancing at the 38.2% Fib retracement level taken between the last upswing of $0.3700 and a downswing of $0.2876.
Ripple key technical levels: confluence detector
According to the confluence detector tool provided by FXStreet, Ripple will face resistance at $0.3290. A zone highlighted by the previous high on the daily chart and the previous month high. Marginally above this zone is the strongest hurdle, $0.3323: Pivot point 1-day R1, pivot point monthly R1, the 23.6% Fib level weekly, Bollinger band 4-hour upper and the 50 SMA 4-hour. This level is viewed as a breakout point that would place XRP into a trajectory towards $0.3391 hurdle in preparation for an assault on $0.3400 and $0.3700 (April high).
As mentioned above XRP does has no shortage of support levels with the initial one lying at $0.3256: Previous low 15-minutes, Bollinger band 1-hour middle, Bollinger band 4-hour middle, 5 SMA 15’, 100 SMA 1-hour, 5 SMA 4-hour, 23.6% Fib level daily, Bollinger band 15’ upper, 10 SMA 4-hour, 100 SMA 15’ and the 38.2% Fib level daily among other indicators.
The second support to look out for $0.3222 with a confluence of indicators including the 61.8% Fib level daily, Bollinger band 15’ lower, previous low 4-hour, Bollinger band 1-hour lower, 200 SMA 15’, 50 SMA 1-hour and the 50 SMA daily. The tool shows other support zones at $0.3155, 0.3087, $0.3054, $0.2986 and $0.2919.
Prediction: Traders can expect Ripple to stay above the support at $0.3200 in the coming sessions while its upside will continue being capped around $0.33 level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?