Technical Analysis on April 18, 2023: XRPUSD Formed an Inverted Hammer Pattern Above $0.5041

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Last week, the market sentiment turned bullish after Ripple touched a low of $0.5041 on April 13 and started to correct. The market opened bullish this week.

On the hourly chart:

  • The relative strength index is at 61.54, which signifies a strong demand for Ripple at the current market prices and the continuation of the bullish phase in the market.
  • Moving averages signal an upward price movement at the current market level of $0.5200.
  • Both the STOCHRSI and Williams’s percent range are in the overbought zones, which means the price is expected to decline.
  • Ripple is now trading just above its pivot level of $0.5158. It has already crossed its classic resistance at $0.5188, and it is facing Fibonacci resistance at $0.5271, after which it will be able to move towards $0.5500.

Some of the major technical indicators are bullish.

  • Ripple bullish reversal is seen above $0.5041.
  • The price is above its pivot level.
  • The average true range indicates low volatility.

We have also detected a bullish price crossover with 50- and 100-period moving averages in the daily timeframe.

Ripple Bullish Reversal Seen Above $0.5041

We can see that Ripple continues to move bullish, and further resistance levels are at 0.5400 and 0.5500. There is a bullish Harami pattern in the daily timeframe.

The Parabolic SAR indicator gives a bullish reversal signal in the 30-minute timeframe.

The Aroon indicator is signaling a bullish trend in the 15-minute timeframe.

The short-term outlook for Ripple has turned bullish, the medium-term outlook is bullish, and the long-term outlook is neutral.

We can see an increase of around 8.74% in the trading volumes of Ripple as compared to yesterday, which is normal.

This Week Ahead

Ripple continues its bullish momentum from last week and has managed to cross the $0.5400 level. The next visible targets are located at $0.5600 and $0.6000.

Now, the prices have entered a consolidation zone, after which fresh bullish moves are expected.

The resistance level is located at $0.5339, which is 14-3 daily raw stochastic at 50.

We can see a continuous progression of a bullish trend line formation from $0.5041 to $0.5345.

The support level is located at $0.5021, which is a 38.2% retracement from the 4-week High, and at $0.5035, which is the first support pivot point.

The weekly outlook for Ripple is $0.5700 with a consolidation zone of $0.5500.

This forecast represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.