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XRP Price Analysis for April 2

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Sun, 2/04/2023 - 14:07
XRP Price Analysis for April 2
Cover image via www.tradingview.com

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Bulls could not seize the initiative and the majority of the coins are in the red zone.

Top coins by CoinMarketCap

XRP/USD

The rate of XRP has declined by 0.23% since yesterday, while the price has risen by 12.67% over the last seven days.

XRP/USD chart by TradingView

On the local chart, the price has made a false breakout of the support at $0.5118. While the rate is above that mark, there is a chance to see slight growth. In this case, the upward move may lead to a test of the resistance at $0.5119. Such a scenario is relevant until the end of the day.

XRP/USD chart by TradingView

On the bigger time frame, buyers remain under sellers' pressure as the price is closer to the support than to the resistance.

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However, if bulls can hold the rate above the vital zone of $0.50, one can expect a rise to the middle of the channel, to around the $0.55 mark.

XRP/USD chart by TradingView

On the weekly chart, the rate of XRP has made a false breakout of the resistance at $0.5582. It means that buyers are not powerful enough yet to keep the price rising. Respectively, sideways trading in the area of $0.50-$0.54 is the more likely scenario until mid-April.

XRP is trading at $0.5211 at press time.

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