- XRP price on pace to gain 30% in March, despite broader market weakness.
- Tranglo deal strengthens growing footprint in Southeast Asia.
- Ascending trendline continues to limit downside volatility.
XRP price chart is a colorful reminder of the perils associated with trading a cryptocurrency amid a legal stand-off with the Securities and Exchange Commission (SEC). Despite the incomparable headline volatility, technical traders need to be mindful that Ripple is on pace to close March with a 30% gain and is only a few percent away from the critically important $0.600 level.
XRP price may need a catalyst to overcome heavy resistance
A series of wicks in the price range between $0.600-$0.800 are standing in front of a new retracement high for the 2018-2020 bear market. It has been a brutal resistance level that may require a significant catalyst to finally drive Ripple above the top of the range.
As mentioned above, Ripple needs to puncture the $0.600 price level on a weekly close before traders can turn their sights on much higher prices. Next, the digital token needs to close above the $0.800 level on a weekly basis, which is slightly above November 2020 high at $0.780.
If traders are successful in breaking through, attention will shift to the 0.236 Fibonacci retracement level at $0.863, followed by the psychologically important $1.000 level, which would yield a gain of 66%.
XRP/USD daily chart
A resumption of bearish legal news may target XRP price support at the union of the 21-day and 50-day SMAs at $0.500. Still, the legitimate support is at the 0.618 Fibonacci retracement level of the early 2021 advance at $0.396. Lower support levels include the February 23 low at $0.361 and the 0.786 retracement level at $0.298.
For now, traders are focusing on the bullish Ripple expansion outside of the United States, which should bode well for XRP price in the coming weeks.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.