XRP has started a pullback today (April 18) after failing to break above the $1.50 resistance zone. The price now sits around $1.43, down from recent highs near $1.48. More Crypto Online, a well‑known technical analyst on X, shared a 1‑hour XRP/USD chart from Bitstamp. His view is clear: a deeper pullback is likely, and XRP may even test the lower trendline. He is watching the upper support zone for a reaction.
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More Crypto Online’s Chart Analysis – Deeper Pullback Expected
The attached 1‑hour chart shows XRP trading in a corrective structure. The analyst has labeled waves (A), (B), (C), (W), (X), (Y), and (E). The price recently completed a move up to the $1.50 area, marked as wave (B) or wave (X). Now the pullback is underway.
Fibonacci retracement levels are drawn from the recent low near $1.1950 (78.60% level) up to the high near $1.50. Key retracement levels include 38.20% at $1.43439, 50.00% at $1.41167, and 61.80% at $1.38931. Price is currently trading near $1.43346, just below the 38.20% level. The analyst expects the pullback to continue toward the 61.80% level or even lower.
A range support zone is marked between roughly $1.1950 and $1.2200, which corresponds to the (B)-wave support. The lower trendline of an ascending channel sits near $1.16900 (88.70% retracement). More Crypto Online suggests that the price might test that lower trendline if selling pressure intensifies.
However, he is also watching the “upper support zone” for a reaction. That zone likely sits between $1.38 and $1.41, aligning with the 61.80% retracement. A bounce from that 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 it completes, another leg up could target $1.55‑$1.60. But for now, the short‑term bias is bearish. Traders should wait for a clear reversal signal before re‑entering longs.
Read also: XRP vs. XLM: Ripple’s Big Statement on ETFs Reveals Why Institutions Are Choosing One Over the Other
XRP News That Can Affect the Price
Ripple CEO Brad Garlinghouse highlighted rising 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 selling their native tokens. wXRP is backed 1:1 by XRP held in custody, so no new supply is created.
This is a bullish development because it unlocks liquidity and utility for XRP holders who can now access Solana’s fast and cheap DeFi environment while keeping their XRP exposure. It also bridges two major ecosystems, potentially driving more demand for XRP as the underlying collateral.
Despite the recent dip from near $1.50 to around $1.47 (and now lower to $1.43), XRP futures open interest on Binance held steady at approximately $290 million. Net long positions remain near $48.6 million. Analysts note the absence of panic selling or a sharp drop in open interest, which suggests that the pullback is consolidation rather than a trend reversal.
The $1.50–$1.52 zone is identified as critical resistance. A breakout above that level with volume could target $1.62 next. On the downside, support sits at $1.38, then $1.34, and finally $1.31. The steady open interest indicates that leveraged traders are not rushing to exit, which is a positive sign for bulls.
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