XRP markets continue to remain vague even after recent Bitcoin bull run

9 Apr, 2019 analyst100

Ripple (XRP) Price Analysis – April 9

After April opening, XRPUSD steadily followed a bullish reversal from a long bearish sentiment; while XRPBTC is yet to obey the bulls call. Instead, the bearish formation builds stronger. However, Bitcoin and Dollar markets move in the opposite direction for Ripple. Ranked third, today, Ripple market holds a market cap valuation of $14.3 billion with a volume of $1.3 billion.

XRP-USD Market

Key Levels:

Resistance levels: $0.38, $0.4, $0.42
Support levels: $0.33, $0.31, $0.29

Since the beginning of the year 2019, Ripple’s price has been substantially low following a downward movement. The fall was triggered due to low volatility with subdued trading encountered for the past three months. On March 26, a reversal was signaled with a strong pin bar candle (circled green) after touching $0.275 low. XRP has since been on a high swing; nearing $0.38 before retracing to the diagonal support (yellow line).

A bounce up is expected to walk up price to the next resistance level at $0.38 and beyond. However, a break on the yellow line is likely to fall price to $0.33, $0.31 and $0.29 support levels. If such a scenario occurs, Ripple may resume a bearish trend with the medium-term MACD switch to the negative zone. Mind you, the bulls are still dominating XRPUSD market.

XRP-BTC Market

Ripple, as a hedge, has been following a bearish sentiment for the past three months. In fact, the decline was strong as the market carved a new descending wedge formation. The 4-hours MACD is convincingly revealed at the negative territory. The buyers are struggling to follow the momentum as the sellers get close to 6600SAT support level. A buying pressure could send price 7200SAT resistance after testing the mentioned support.

However, a break out is likely to play out on the trend lines. If XRPBTC surges, a bullish reversal would meet a major resistance at 7600SAT and beyond. Otherwise, a bearish surge could further price to a new support area at around 6200SAT. As of now, there’s no sign for a reversal.

Please note: Niffler.co is not a financial advisor and this article should not be treated as financial advice. However, you are welcome to apply this information on our simulated cryptocurrency exchange.

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Azeez Mustapha is a technical analyst, has many years of trading experience in the stock, forex and the crypto markets.

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