XRP initiated a pullback today (April 18) after failing to break the $1.50 resistance zone. The price is now around $1.43, down from recent highs of $1.48. More Crypto Online, a well-known X technical analyst, shared a 1-hour XRP/USD chart from Bitstamp. His view is clear: a deeper pullback is likely and XRP could even test the lower trendline. He is watching the upper support zone for a reaction.
Further chart analysis from Crypto Online – Deeper pullback expected
The attached 1-hour chart shows XRP trading in a corrective structure. The analyst has labeled the waves (A), (B), (C), (W), (X), (Y) and (E). The price recently completed an increase to the $1.50 area, marked as wave (B) or wave (X). Now the retreat is underway.
The Fibonacci retracement levels are drawn from the recent low at $1.1950 (78.60% level) to the high at $1.50. Key retracement levels include 38.20% at $1.43439, 50.00% at $1.41167, and 61.80% at $1.38931. The price is currently trading near $1.43346, just below the 38.20% level. The analyst expects the decline to continue towards the 61.80% level or even below.
A range support zone is between around $1.1950 and $1.2200, which corresponds to (B) wave support. The lower trendline of an ascending channel is $1.16900 (88.70% retracement). More Crypto Online suggests that price could test this lower trendline as selling pressure increases.
However, he is also watching the “upper support zone” for a reaction. This zone is likely between $1.38 and $1.41 and corresponds to the 61.80 percent retracement. A rebound from this area would keep the bullish structure intact. A break below $1.38 would open the door to $1.34 and then $1.31.
The wave count suggests that the current pullback is corrective. Once this is complete, another increase could target $1.55-$1.60. But right now the short-term bias is bearish. Traders should wait for a clear reversal signal before entering long positions again.
Also Read: XRP vs XLM: Ripple’s big statement on ETFs shows why institutions prefer one over the other
XRP news that may affect the price
Ripple CEO Brad Garlinghouse highlighted the increasing XRP demand following the launch of Wrapped XRP (wXRP). on the Solana blockchain. The integration was done via Hex Trust and LayerZero. This allows XRP holders to participate in Solana’s DeFi ecosystem – including swaps on Jupiter and wallets like Phantom – without having to sell their native tokens. wXRP is backed 1:1 by XRP in custody, so no new supply is created.
This is a bullish development as it unlocks liquidity and utility XRP holders can now access Solana’s fast and cheap DeFi environment while maintaining their XRP exposure. It also connects two major ecosystems and potentially increases demand for XRP as an underlying security.
Despite the recent decline from nearly $1.50 to around $1.47 (and now to $1.43), open interest in XRP futures on Binance remained stable at around $290 million. Net long positions remain at approximately $48.6 million. Analysts note that there was neither panic selling nor a sharp drop in open interest, suggesting that the decline was more of a consolidation than a trend reversal.
The area between $1.50 and $1.52 is identified as critical resistance. A breakout above this level with volume could target $1.62 next. On the other side, support lies at $1.38, then $1.34, and finally $1.31. The steady open interest suggests that leveraged traders are not rushing to exit, which is a positive sign for bulls.
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