XRP Price Lulls in Calm Waters Before the Next Big Move

2023-4-5 15:10

The Ripple XRP price has been consolidating since its yearly high on March 29 but could resume its upward movement soon.

The XRP price has increased at an accelerated rate since breaking out from a descending resistance line on March 21. The increase led to a yearly high of $0.585 on March 29. 

While this seemingly caused a breakout above the $0.530 area, the price fell below it shortly afterward, suggesting that the previous increase was only a deviation. 

However, the drop was not preceded by any bearish divergence in the RSI. Moreover, the price is in the process of attempting to move above the $0.53 area. If successful, it could increase to the next resistance at $0.650.

However, if the XRP price gets rejected, it could drop to the closest support at $0.425.

It is important to note that despite no Ripple news regarding the Ripple vs SEC case, social engagement for the digital asset increased by more than 100%.

XRP/USDT Daily Chart. Source: TradingView Ripple XRP Price Could Surge Above Resistance

A closer look at the wave count supports the continuation of the increase. The most likely count indicates that the XRP token price is currently in wave four of a five-wave increase (white). If so, the price will break out from the $0.525 resistance area and move toward $0.650.

Wave four may have the shape of a triangle, though this is not confirmed yet. 

If the count is correct, it offers even more confluence with the $0.650 resistance area, since that is the 2.61 Fib extension of wave one (white). 

However, a decrease below the wave one high (red line) of $0.433 would invalidate this count and likely catalyze a drop toward the $0.350 support.

XRP/USDT Daily Chart. Source: TradingView

To conclude, the most likely XRP price forecast is an increase toward the $0.650 resistance area. However, this would be invalidated by a drop below $0.433, which could catalyze a fall toward $0.360.

For BeInCrypto’s latest crypto market analysis, click here.

The post XRP Price Lulls in Calm Waters Before the Next Big Move appeared first on BeInCrypto.

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xrp price move big lulls calm waters

Источник: beincrypto.com

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