Market Analysis

RIPPLE PRICE ANALYSIS & PREDICTION (March 22) – XRP Looks Indecisive After A Slight Bounce, Can It Advance Higher?

XRP painted a bearish scenario throughout last week following a quick rejection. This week came with a relief and the asset bounced slightly from the recent dip to where it currently trades above a key support.

Two weeks ago, XRP faced resistance near the $0.75 level after rising by 50% in six weeks. That triggered a small rejection and the price fell steadily to $0.6. It retraced briefly and later dipped slightly under $0.58.

The price bounced back above this support on Wednesday and closed well above $0.64 yesterday. It currently appeared indecisive due to a drop in volatility. A further bounce could bring more recoveries in price.

Otherwise, we may see another drawdown if the crypto continues to lose momentum weekly. Currently, there are no signs of buyers in the market. Even if they reiterate recent actions in the coming days, they are likely to face obstacles on the way up.

However, looking at the price actions over the past seven months, XRP has technically formed a bullish pattern on the daily chart.

A successful push above the crucial $0.75 resistance should activate a bigger rally from a mid-term perspective. Despite the recent drops, the price is still up by more than 20% in the last 50 days, looking cheap to accumulate for a long-term gain.

XRP’s Key Level To Watch

Source: Tradingview

It is currently sitting above a minor support of $0.624. Losing this support could bring the price back to the weekly $0.58 support. A crack from there could drop the price straight to $0.54.

Rejecting $0.668 resistance this week, a push above it could allow recovery to the $0.7 resistance level before breaking above the crucial $0.75 resistance. But for now, XRP looks stuck!

Key Resistance Levels: $0.668, $0.7, $0.75

Key Support Levels: $0.624, $0.58, $0.54

  • Spot Price: $0.634
  • Trend: Bullish
  • Volatility: Low

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: volody10/123RF // Image Effects by Colorcinch

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