Crypto Screener Forums Ripple (XRP) Forecast – Technical Analysis Ripple (XRP) Technical Analysis – April 2018

This topic contains 2 replies, has 2 voices, and was last updated by margincall margincall 1 year ago.

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  • #17181
    CheesePuff
    CheesePuff
    Moderator

    This is the thread for analysis on the Ripple markets in the month of April 2018.

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  • #17599
    margincall
    margincall
    Keymaster

    Ripple recorded some good gains last week before we saw the selling volume overpower the bulls.

    xrpusd forecast 26 April 2018

    The market action has left us with a confirmed double top on the 4 hour candle chart. In this kind of setup I am bearish, with the pressure on the bulls to push us past $0.85 and back into the $0.90 zones.

    Current resistance is strong above $0.85 and the $0.80 support zone is getting tested as I write this report. We can also see that the indicators are confirming the bearish momentum, for the time being.

    Support is between $0.60 – $0.70 in my opinion on the shorter time frame.

    Lets take a quick look at the XRP vs BTC market.

    xrpbtc forecast 26 April 2018

    Here we can see a similar situation with the double top being a bit obscured on a slanted angle, bearish action none the less.

    We could see a bit of a dead cat bounce here to the 9500 sat range, however I expect the bleeding to continue should the market consolidate below this.

    Support on the very near term is around 8800 sat, I am a bear on the market with possible shorts in mind should we consolidate below this. Safe trades.

    #17567
    margincall
    margincall
    Keymaster

    Ripple saw some good price action last week as the buyers returned with some impressive volume.

    xrpusd forecast 16 April 2018

    This buying momentum pushed prices through the $0.60 zone and the sellers started stepping in above $0.70.

    The market has corrected somewhat and formed a impressive bullish pennant, even though these formations don’t have a 100% success rate, it is a bullish sign for me.

    In these situations I would be prepared for a break to the top or bottom.

    Summary:

    Support – S1: $0.65 – S2: $0.60 – S3: $0.40 – $0.45

    Resistance – R1: $0.70 – R2: $0.82 – R3: $1.00

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