The XRP market has recorded a major positive development, as the SuperTrend flashed its first buy signal on the daily chart in over three months. This event indicates the altcoin’s short-term prospects are looking positive amid the broader market volatility driven by an unstable geopolitical scene.
XRP Bulls Set Course For Encounter With $1.55 Barrier
In an X post on April 18, renowned analyst Ali Martinez shares a bullish outlook for the XRP market, highlighting the resistance level and a price target. This analysis follows the SuperTrend indicator, which has turned bullish on the XRP daily chart for the first time since Jan 17.
The SuperTrend indicator is a trend-following technical analysis tool that helps traders identify the current market direction (an uptrend or a downtrend) and potential entry/exit points.
XRP’s last significant and sustained price rally came in early January when the altcoin reached a local peak of $2.42. Since then, prices have traded as low as $1.10 and are presently consolidating between $1.30 – $1.55, in line with broader market movements. However, the recent signal from the SuperTrend indicator suggests this period of sustained selling pressure could have ended.
According to Martinez, the trend shift can only be validated if XRP breaks the key price resistance level at $1.55, which has held consistently and effectively in recent weeks. The analyst describes this future encounter as a “true test” of XRP’s bullish intentions, noting that a clear, decisive break above this level should trigger a subsequent relief rally. In this case, the cryptocurrency is tipped to trade as high as $1.90, provided the SuperTrend indicator provides a trailing support floor. Based on present market prices, Martinez’s analysis suggests the XRP market could notch a possible 32% gain in the coming weeks.
XRP Price Overview
At the time of writing, XRP trades at $1.43, after prices dipped by 2.43% in the last day. Meanwhile, daily trading volume is down 40.55% to $2.69 billion. XRP’s latest price decline follows instability in the geopolitical landscape tied to the ongoing US-Iran War. The Middle East nation had initially granted commercial ships access to the Strait of Hormuz for the remainder of its ongoing ceasefire with the Western power.
However, on Saturday, Iran soon nullified that position, declaring the Strait of Hormuz closed again, citing the US’s continuous blockade of its shipping ports. On the other hand, US President Donald Trump has stated that the US naval blockade must remain in full force until both nations reach an agreement.
Global financial markets continue to weather a storm amid these choking geopolitical tensions, especially considering the broader impact of the recent rise in oil and energy prices. Following Iran’s latest announcement, the total crypto market cap is now down 2.00% to $2.56 trillion.
Source: https://www.newsbtc.com/analysis/xrp/supertrend-flips-bullish-on-xrp-daily-chart-but-key-1-55-resistance-awaits/
