As of April 12th, XRP has been less successful than other cryptocurrency coins, as it has dropped 2.39% and is currently at $0.50060. On the hourly chart, bulls have the opportunity to bring the coin back to yesterday's resistance level of $0.51 should they be able to maintain the bitcoin price above the local support at $0.5017.
On the daily time frame, traders are advised to watch the crucial area of $0.50, as a fall below this level is likely to push XRP to the support at $0.4824. When looking at the weekly chart, a closure of the bar below the previous peak of $0.5269 may cause the coin to go down to the $0.46 mark by the ending of April.
Given the current trading situation, it is in the hands of the bulls to make sure that XRP avoids a bearish fall. This can be done by keeping an eye on the support and resistance levels, while entering and exiting trades carefully in order to get the most out of the current market. Nevertheless, it is imperative to keep in mind that the market always has risk and that prices can be fickle, so it is best to take any investing advice with a grain of salt.
Nicole Gomez
- 2023-04-12
XRP Drops 2.39%: Monitor Support and Resistance Levels
As of April 12th, XRP has dropped 2.39% and is trading at $0.50060. On the hourly chart, bulls have the opportunity to bring the coin back to yesterday's resistance level of $0.51 should they be able to maintain the bitcoin price above the local support. Traders should be aware of the resistance and support levels and practice careful trading to avoid a bearish fall.
