April 19 has started off for XRP with a significant decline: its price reduced by approximately 2% just in 1 hour. However, then a bounce back happened, and the coin came back to the previous level at $0.33.
On the 1-hour chart, one can see the formation of a bearish trend line, which will push the price down to the $0.32 mark. The following scenario is likely to happen as XRP has lost around $300 million of trading volume in just over the past 24 hours.
Stavros GeorgiadisAnalyzing the 4-hour chart, XRP is demonstrating a downward trend as well.
At the same time, convergence is observed on the MACD indicator, which shows a weakening of the downward tendencies. Resistance in the current pattern is at $0.345, a breakout of which will be a signal for the development of the next bullish wave. The immediate goal of growth will be the level of $0.37.
At the moment, the $0.30 area remains quite strong support for Ripple. Thus, it is likely that the price of XRP will rise above $0.3320 and $0.3350 in the near future, but only with an increase in trading volumes. This is really a crucial moment for the digital asset.
Aside from technical factors, there are also other reasons for potential growth.
The Bakkt platform is about to obtain a NYDFS license to start trading cryptocurrency, including Ripple. If NYDFS gives the green light, the largest financial companies will be able to buy XRP. As a result, profits will increase, and the price of the coin will go up significantly.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Alex Dovbnya
Dan Burgin
Vladislav Sopov