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Ripple Price Prediction: XRP/USD Prints a Bearish Pattern despite Touching $0.18 Level

XRP Price Prediction – April 3

The buy Ripple price technical picture is healthy but a rising wedge pattern could force a free-fall to $0.16.

XRP/USD Market

Key Levels:

Resistance levels: $0.21, $0.22, $0.23

Support levels: $0.15, $0.14, $0.13

XRPUSD – Daily Chart

Today, XRP/USD impressively cleared the resistance at $0.18. The surge followed stability and brief consolidation above $0.17 level. However, XRP/USD is trading at $0.177 at the time of writing as the coin is losing 0.84% on the day. Meanwhile, the surge above $0.18 hit a wall at $0.183, giving way to selling pressure which forced the price back under $0.18.

Moreover, as the pair is currently exchanging hands at $0.177, any attempt to make it cross below the 9-day and 21-day moving averages within the channel, it may open the doors for more downsides, crossing the lower limit of the ascending channel which could spike below the $0.16 support level.  However, traders should keep an eye on the $0.19 and $0.20 levels before creating a new bullish trend at the resistance levels of $0.21, $0.22 and $0.23.

Nevertheless, traders may experience a quick buy once the trade reaches the resistance at $0.18. And if the price fails to rebound, then a bearish breakout is likely to trigger more selling opportunity for traders, which might cause the price to retest $0.16 and could further drop to $0.15, $0.14 and $0.13 support levels respectively. The RSI (14) is still moving around 48-level. If the signal line moves downward, XRP/USD may fall more.

Against BTC, XRP moves at the downside, actually, the price action has remained intact within the descending channel. If the selling pressure continues, the XRP price variation may continue with the downward trend. At the moment, the RSI (14) is moving in the same direction; we may continue to see a negative move in the market in as much as the 9-day (red-line) MA stays below the 21-day (green-line) MA.

XRPBTC – Daily Chart

However, the coin is currently trading below the moving averages with the channel at 2629 SAT. We may expect close support at the 2500 SAT before breaking to 2400 SAT and critically 2300 SAT levels. Should in case a bullish movement occurs and validates a break above the moving averages; we can then confirm a bull-run for the market and the nearest resistance levels to reach lies at 2800 SAT and above.

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.