🚨🤔Ripple (XRP)🤔🚨

      🚨 Hello Crypto Banter community 🚨

The cryptocurrency market has seen a huge jump this week. With more money entering the market in recent days, the horizontal trend that has been going on for about a month has been broken to the upside. Meanwhile, the Bitcoin price reached $30,000 after 10 months.

While Bitcoin continues to dominate the cryptocurrency markets with its recent rally, its market share is close to 50%. Recent projections show that investors prefer bitcoin over altcoins, yet earnings are still limited despite the positive outlook from the rest of the market.

By the middle of the week, while the overall market cap was down nearly 1%, Bitcoin (BTC) fell below $30,000. In the altcoin market, outflows have been more influential. The fact that US CPI data will be released today at 15.30 CEST and then the March FOMC minutes at 21.00 CET makes investors tread more cautiously in risky markets.

Before the most important economic events in April, we assessed the latest situation of XRP, SOL and AVAX, among the important altcoins in the altcoin market.

Ripple (XRP)

XRP/USD Daily Chart

After surging more than 40% in March, XRP is starting to climb above the long-term downtrend line that has been in place for two years.

As the first half of April is about to end, XRP has been holding steady at an average of $0.5 over the course of the month. Ripple XRP failed to turn this area into support to accelerate profits, despite its attempt to form a floor above the peak level of $0.53 in October 2022 with its rapid rise in March.

As for the sellers today, XRP has broken below the 8-day moving average ($0.508), which is used as a pivot, with a decline of close to 3% today. If the intraday sales continue, the $0.49 level for XRP will act as an important support. The closing of the day below this area, which corresponds to the value of the 21-day exponential moving average and the Fibonacci value of 0.786 according to the recent downtrend, may cause the correction momentum of XRP to accelerate. In this case, the following support prices will follow $0.45 and then $0.43.

On the upside, the $0.53 area is the price level that needs to be gained for the recovery to continue. In a potential recovery, a clear day's close above the recent peak will support the currency's move towards the $0.58-$0.65 range.

What do you think 🤔....

In the comments.......

@HLSPORTRAIT