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XRP Price Analysis for April 20

Thu, 04/20/2023 - 18:00
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Denys Serhiichuk
How long is correction of XRP going to last?
XRP Price Analysis for April 20
Cover image via www.tradingview.com

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The bears' pressure remains, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap

XRP/USD

XRP could not join the list of rising coins, falling by 0.81%.

XRP/USD chart by TradingView

On the hourly chart, the rate of XRP has made a false breakout of the resistance at $0.49816. If the decline continues to the $0.49 mark, the accumulation should be enough for a drop to the $0.48 zone.

XRP/USD chart by TradingView

Today's drop has not affected the general technical position of XRP as the rate remains trading in the middle of the side channel, between the support at $0.4328 and the resistance at $0.5582. As none of the sides has seized the initiative, sideways trading is occurring in the area of $0.47-$0.51. Such a scenario is relevant until the end of the month.

XRP/BTC chart by TradingView

The rate of XRP is neither bearish nor bullish on the daily time frame against Bitcoin (BTC). If the candle closes near the 0.000017 zone or below it, the fall may lead to the test of the 0.000016 zone within the next few days.

XRP is trading at $0.4912 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.