XRP Price Prediction: Even though the XRP price has turned sideways due to the increasing bearishness in the crypto market, the buyers have managed to defend local support of $0.368 and prevented some excessive losses. On March 3rd, the coin price showed another failed attempt to breach the aforementioned support indicating the sellers continue to defend this support. Can the XRP coin’s retest to $0.368 support resume the prior recovery?

Key points: 

The ripple coin price is trapped in a no-trading zone between the downsloping trendline and strong horizontal support of $0.368,
The flattish EMAs(20, 50, 100, and 200) actuated a sideways trend in XRP.
The intraday trading volume in the XRP is $590.2 Million, indicating a 48% loss.

Source- Tradingview

Under the influence of a falling channel pattern, the XRP price has been falling for the past six months. From the peak resistance of $0.431, the coin price has tumbled 13% as it currently trades at the $0.376 mark.

However, the falling XRP price reached local support of $0.369 and turned sideways. Over the past week, the coin price showed multiple short-body and long-wick candles indicating indecisiveness among market participants.

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However, this consolidation also reflects the price sustainability above the $0.369 support indicating the buyers continue to accumulate at this support. Thus, the coin holders should keep a close eye on the downsloping trendline and $0.369 support level.

If the selling pressure persists, the coin price could breach the aforementioned support which may flip a potential resistance and assist market selling. This breakdown could pull the prices more than 12% to reach $0.33.

On a contrary note, a breakout above the downsloping trendline could hint at the recuperated bullish momentum and may set the price to reach $0.43.

Technical Indicator

Relative Strength Index: the dailyRSI slope wavering around the midline indicates market sentiment is neutral.

Bollinger band: the daily XRP price moving below the Bollinger band indicator, project the sellers have trend control.

‘XRP intraday price levels

Spot price: $0.376
Trend: Bullish
Volatility: High
Resistance level- $0.4 and $0.43
Support level- $0.37 and 0.359

The post XRP Price Prediction: Crucial Levels To Watch For XRP Coin In Coming Week appeared first on CoinGape.

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Filed under: News - @ March 4, 2023 7:59 pm