XRP Trading at $2.12 with Key Dates Approaching for Price Movement
XRP is trading at $2.12, down 1% in the last 24 hours but up over 26% for the week. It has reclaimed its 20-day EMA at $2.10.
Key dates to watch are April 16 and April 21, which could significantly impact XRP's future.
Technical Setup: Resistance Levels
- XRP is forming an ascending triangle on the hourly chart with resistance at $2.22.
- A breakout above $2.22 could lead to a rally towards $2.40.
- Fibonacci levels show support at $1.85 and resistance at $2.22, with a bullish target at $2.41.
- If it fails to break $2.22, XRP may drop back to $2 or lower to $1.85.
April 16 and April 21: Key Events
April 16
Ripple will submit its final response in the SEC lawsuit, which has hindered XRP’s growth in the US market. A favorable outcome could increase institutional interest.
April 21
Speculation surrounds SWIFT potentially announcing XRP’s integration into its global payments system, which could elevate XRP as a mainstream financial asset.
On-Chain Metrics
- Active addresses have decreased from over 600K to 28K.
- Network growth has slowed from 15,000 in January to under 3,000.
- MVRV ratio is at 2.35, indicating profit-taking pressure among holders.
- NVT ratio is at 1,554, suggesting speculative trading rather than genuine usage.
The current price strength may be driven more by narrative than fundamentals, posing retracement risks if upcoming events do not meet expectations.
April Trends and Long-Term Outlook
XRP has historically averaged 24.3% gains in April. While currently below this average, positive developments could help reclaim the $3 mark later in the year. However, the market remains fragile without real network usage backing these targets.