XRP in April: Stuck in Consolidation or Poised for Bullish Surge?

April 1, 2024 at 02:00 AM GST updated: April 2, 2024 at 10:46 PM 2 mins read News

XRP is currently in a consolidation phase, with minimal volatility indicating a wait for bullish momentum.
Despite marginal movement, XRP’s potential to surpass a resistance level at $0.648 suggests a path to its March 2024 high.
On-chain metrics present conflicting signals, with bullish MACD but bearish indications from the NVT ratio.

XRP appears to be traversing a phase of consolidation. Characterized by a lack of significant volatility, the token’s trajectory suggests a period of patience for investors awaiting bullish developments.

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Delving into the specifics, XRP’s daily chart showcases a consistent pattern of movement within a narrow range spanning over two weeks subsequent to a notable decline on March 15th. Following a dip from its pinnacle at $0.72 to $0.58, the token has since meandered between these values, fluctuating marginally.

CoinGape’s data mirrors this narrative, illustrating minimal fluctuations of 0.33% and 0.4% over the past seven days and 24 hours, respectively. At present, XRP stands at $0.627, boasting a market capitalization surpassing $34.4 billion.

A pivotal juncture looms as XRP endeavors to breach the resistance level at $0.648 in the imminent future, potentially paving the way for a resurgence reminiscent of its peak in March 2024. The analysis scrutinizes liquidation levels, indicating a probable uptick coinciding with this pivotal threshold.

Despite optimistic liquidation prospects, cautionary signals emanate from XRP’s on-chain metrics. Analyst insights portray a decline in Exchange Outflow after a surge on March 27th, alongside a corresponding trend in Exchange Inflow. This subdued trading activity is further underscored by a downturn in the token’s MVRV ratio, signaling bearish sentiments.

Moreover, XRP’s NVT ratio has exhibited a significant surge, indicative of potential overvaluation and subsequent price correction. Nevertheless, the token’s MACD signals a bullish momentum in the market, complemented by a modest uptick in the Relative Strength Index (RSI), hinting at a prospective uptrend in April.