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Ripple Price Analysis: XRP/USD Consolidates in a Flag Formation Below $0.190 Support

XRP Price Prediction – April 17

Earlier Today, the Ripple price dropped a bit from $0.190 to $0.184 and this followed a bullish movement of yesterday.

XRP/USD Market

Key Levels:

Resistance levels: $0.230, $0.240, $0.250

Support levels: $0.150, $0.140, $0.130

XRPUSD – Daily Chart

Having slumped beneath the $0.230, XRP/USD may continue to show weakness in price until the market can find a stable level to reinforce a bullish-run. For now, a new low is yet to be ascertained as the bears remain dominant and active over the past days. We may need to wait for the sellers to exhaust momentum before longing. However, shorting XRP might be the best position for now.

However, if the market eventually resumes sell-off now, the market may cross below the 9-day and 21-day moving averages and could find immediate support at $0.170 and $0.160 while the critical supports lie at $0.150, $0.140 and $0.130. More so, the Ripple (XRP) has continued to erode bearishly on the daily time frame.

In other words, a bullish rally will only confirm if the market can climb significantly above the ascending channel at $0.220. Meanwhile, the technical indicator RSI (14) is currently moving below 53-level. If XRP manages to surge above $0.220, it may see the resistance levels at $0.230, $0.240 and $0.250.

Against Bitcoin, the pair is consolidating within the channel and now moving below the 9-day and 21-day moving averages. Meanwhile, the buyers are making effort to push the coin to the north so that the bullish continuation may take it across the channel to the resistance levels of 2900 SAT and 3000 SAT respectively.

XRPBTC – Daily Chart

Conversely, if the bulls failed to hold the price, then it may fall towards the middle boundary of the channel and the nearest support levels to be met are 2500 SAT and 2400 SAT. Moreover, the technical indicator RSI (14) moves around 48-level, which indicates a sideways movement.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.