Ripple is currently trading at $0.52 and is in a period of strong sideways movement. This development is clearly reflected in the daily chart. Since the court case that XRP won, the momentum has slowed significantly and the cryptocurrency is in a phase of consolidation.
Since April 13th, XRP has shown little movement and is almost similar to a stablecoin in terms of performance.
On the daily chart, certain support levels are crucial: Should XRP fall, the next support areas are at $0.469 and slightly lower at $0.423 (blue support lines on the chart). These have already been successfully tested and confirmed.
Above the price are the Exponential Moving Averages (EMAs), but they provide strong resistance. Particular attention should be paid to the 200EMA (circled resistance in the chart), which has been repeatedly approached in recent weeks, but without success in breaking through this resistance.
At the moment, XRP only seems to benefit from Bitcoin. Further consolidation is expected in both the short and long term until the key resistance at $0.574 is broken or support cannot be held.
XRP: Indicators speak the same language
The indicators also point to a potentially longer dry spell for XRP. Both MACD (Moving Average Convergence/Divergence) and Momentum show little activity.
The trading volume in the daily chart is continuously decreasing, while the RSI (Relative Strength Index) is also neutral at 47 points.
Over
Bastian Keller has been operating independently in the Forex market since 2015 and has been a full-time trader in the crypto market since 2018. He actively shares this expertise on various social media platforms, especially on his YouTube channel “Bitbull Trading“, with more than 59,000 subscribers.
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