Crypto Alert: Altcoins have risen by 28% just in the last month. Start trading and unlock gains now! Click Here
xrp-usd
Dalmas Ngetich*Monday, April 22, 2020*Read 2 minutes
XRP has been unexpectedly strong following weekend gains. The daily chart shows prices slowly rising, reversing the losses of last week. The breakout of April 20, which was trading at over $0.53, may have been the catalyst for gains in the coming days that would push XRP to $0.55. The traders will get a huge confidence boost if the breakout on April 20 is successful. They expect a dramatic turnaround towards $0.74.
XRP was stable at the time of press, but had risen an impressive 3% over the past week. Despite the increasing prices, average trading volume is still low at around $1.1billion. This is below average due to weekend activity.
The following XRP/Ripple events could influence the price today:
- The crypto regulations are currently being revised in the United States. Analysts believe that the current regulations are limiting innovation and giving other countries an advantage. Brad Garlinghouse is the CEO of Ripple and believes that XRP will benefit from adoption beyond the United States. United States.
- The court’s decision will determine the XRP price. The rate of XRP’s rise will however be affected by the BTC gains after the halving. Bitcoin’s price is currently flat but traders remain bullish.
XRP Analysis
XRP/USD The stock is strong, gaining 3% over the past week.
The coin, which is currently trading at over $0.53 per unit, has moved higher. It now trades above what was a resistance and is now a support.
Traders can take advantage of the current situation to load up on dips and target $0.54 – or April 13’s highs – then $0.57.
The trend will continue even though the signs of strength are still present. If the bears reverse the gains of the weekend, then a break below $0.46 would mark the continuation.
Dalmas Ngetich
Reporter and Technical Analyst
Dalmas, a journalist and technical analyst, covers Forex, commodities and crypto. He also writes about NFTs and Blockchain.