22.04.202111:22 Forex Analysis & Reviews: XRP Price Prediction for 22 April, 2021

  • XRP price has flipped a crucial demand zone into supply after the recent slump.
  • An 18% drop to $1.04 could ensue if bulls fail to rescue Ripple here.
  • On-chain metrics hint at a semi-stable state that could flip bearish anytime.

Exchange Rates 22.04.2021 analysis

XRP price has been in a corrective phase for over a week and could retrace more before it begins to turn around. XRP price has recently sliced through a crucial area of demand that extends from $1.31 to $1.42. A failure to reclaim this level will result in bearish. Such a development could push the remittance token down by 18% to the subsequent demand zone's upper boundary at $1.04.

Additionally, the 4-hour chart shows the formation of a triangle, a breakdown of which could result in a steep correction. This technical formation contains an initial drop, which forms a flagpole, followed by consolidation between two converging trend lines.

Regardless of the short-term bearish outlook provided by the technical analysis and some on-chain metrics, a sudden spike in bullish pressure that results in a decisive close above $1.53 will invalidate the bearish thesis.In such a case, XRP price could surge 30% to retest the local top at $1.96.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Jan Novotny,
Analytical expert
InstaForex Group © 2007-2021
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