- The value of XRP has fluctuated slightly over the past 24 hours.
- Indicators for the token looked bearish.
Ripple (XRP) According to AMBCrypto’s analysis, it was in a consolidation phase at the time of press. The token has not shown much volatility, which suggests investors may have to wait longer for things to turn bullish.
So we decided to take a closer look at whether XRP’s trend will change in April.
XRP is moving slightly
AMBCrypto’s analysis of XRP’s daily charts shows that the token’s price has been moving in a range for more than two weeks after dropping in value on March 15.
To be precise, after touching $0.72, the token’s value plummeted to $0.58. Since then it has been moving between $0.58 and $0.68.
Source: TradingView
CoinMarketCap’s data A similar scenario was revealed. According to the data, the token price has moved only 0.33% and 0.4% over the past 7 days and 24 hours, respectively.
At press time, its market capitalization was over $34.4 billion and it was trading at $0.627.
If XRP breaks the $0.648 resistance level in the coming days, its value can be expected to reach its March 2024 high once again in April.
AMBCrypto therefore looked at liquidation levels to see if this was possible. Our analysis shows that liquidation of XRP will increase near that resistance zone.
If the token can hold its ground despite high liquidations, the path to the March highs looks pretty clear.
Source: Hiblock Capital
XRP will become more volatile, but in which direction?
Liquidation levels looked optimistic, but XRP’s on-chain indicators would say otherwise.
AMBCrypto’s analysis of Santiment’s data shows that Exchange Outflows spiked on March 27 and then declined. A similar trend was seen in terms of Exchange Inflow of tokens.
At press time, investors do not appear to have been actively trading the token. The token’s MVRV ratio has also been falling over the past few days, which is also a bearish sign.
Additionally, XRP’s NVT rate has recorded a huge surge of late. Whenever the indicator rises, it indicates that the asset is overvalued and suggests future price declines.
Source: Santiment
read Ripple (XRP) Price Prediction 2024-25
However, XRP’s MACD showed a clear bullish lead in the market.
The Relative Strength Index (RSI) also recorded a slight rise from the neutral mark, suggesting that the value of XRP may move north in April.
Source: TradingView