The XRP token price has been making headlines lately as it has been declining after its recent surge to its yearly high on March 29. The price of XRP hit a high of $0.530 but fell short of surpassing it after a brief increase. Now, the technical analysis from the XRP price daily time frame shows that the price is currently consolidating. However, there are some indications that the price could resume its upward movement soon.

The digital asset has had an impressive performance over the last few weeks after it broke out from a descending resistance line on March 21. This resulted in the increasing of the XRP token price from a low of $0.22 to its yearly high on March 29. The $0.530 resistance area proved to be a major challenge for the XRP token price, as it was rejected twice and created a long upper wick.

If the XRP token price breaks out from this area, it would likely increase to the next resistance at around $0.650. This is the 2.61 extension of wave one (white). On the other hand, if the price is rejected again, it may drop to its nearest support level of $0.425. Nonetheless, the possible increase of the XRP token price will likely depend on the breaking out of the $0.525 resistance area.

A closer analysis of the price movement and wave count of XRP token price, on the 12-hour timeframe also suggests that it is currently in wave four of a five-wave increase (white). This gives a bullish view of the XRP token price this April, indicating that a breakout from $0.525 is likely. The possible completion of the corrective wave could be a short-term symmetrical triangle. The XRP price bounced at the confluence between the triangle’s support line and the 0.382 Fib retracement support level (black) on April 3 (green icon). This could be the low point of the correction, and if that is indeed the case, a breakout from this area could be expected soon.

However, if the XRP token price fails to break out from the $0.433 resistance level (red line), this scenario would be rendered invalid and the price could drop to around the $0.350 support level. To sum it all up, the most likely XRP token price forecast is a successful breakout and an increase towards the resistance level of $0.650. On the other hand, a drop below the $0.433 could trigger a fall towards $0.360 support area.



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