Ripple (XRP) Resumes the Upside Trend
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After a long period of price consolidation, the Ripple bull market saw a massive push that propelled the market near the edge of the $0.5 price level on March 21. Such a hyper-bullish move (in some cases) is expected to be followed by a corresponding bearish move. Instead, what we saw in the market on March 21 and 22 was a strong resistance that cut short the bull market at $0.47. The bulls salvaged the market at the support price level of $0.422, which is also a strong support level. From this level, the price rallies back to $0.47.
XRP/USD Price Statistics
- XRP/USD Price Now: $0.473
- XRP/USD Market Cap: $24,464,261,536
- XRP/USD Circulating Supply: 51,678,187,732
- XRP/USD Total Supply: 99,989,057,196
- XRP/USD CoinMarketCap Rank: #6
Key Levels
- Resistance: $0.50, $0.55, and $0.60
- Support: $0.40, $0.35, and $0.30
Price Prediction for Ripple: The Indicators’ Point of View
The force of demand behind the uptrend is pushing the price back to the key resistance level, but it seems like more traders are willing to short their positions at the $0.47 price level. The response of the bears to the strong bullish move of March 21 is becoming stronger as the days go by. Looking at the market from the point of view of the Bollinger Bands indicator, we can see that the market is very volatile as the two bands are moving apart from each other. But the lower band has less movement than the upper band. This indicates a bit of weakness in the bear market as opposed to the bull market. Even though we can see increasing bearish activities around the $0.47 price level, the pressure is on the resistance level.
XRP/USD 4-Hour Chart Outlook
The bear seems to be catching up with the bulls at the current price level; we see indecision. This could be good for the bulls because, in the last 4-hour session, it was dominated by bears driving the price to the downside. The sign of indecision in the current session could be a sign of price reversal as the bear market loses momentum. This increases the chance for the bulls to push the price into the $0.50 price level.
