XRP Price Analysis: 28 March

XRP Price Analysis: 28 March

XPR’s price has been rising on the charts for the past two weeks and the trend seems to have sustained despite a recent price correction. The long-term price action has been largely rangebound, however, if the bullish momentum prevails the coin may be able to breach a longstanding resistance level. 

At the time of writing, XRP was being traded at $0.55 and had noted a market capitalization of over $25 billion and saw its price rise by close to 13 percent in the past week. 

XRP 1-day chart 

Source: XRP/USD, TradingView

According to the daily chart of XRP, it can be observed that since February XRP has traded within the confines of its resistance range at $0.59 and support at $0.43. 

However, given the strong build-up of bullish momentum in the past few days, immediate resistance is likely to be breached in the coming few days. This will allow XRP to head towards the $0.68 price level and in such a scenario, for traders long positions are ideal.

Rationale 

Technical indicators for the coin signal that the bullish momentum is likely to continue in the coming days. MACD indicator has undergone a bullish crossover with MACD line maintaining its position above the signal line. RSI indicator also looked positive as it continued to gain momentum and head toward the overbought zone. 

Important levels to watch out for 

Resistance: $0.59, $0.68

Support: $0.43, $0.36

Entry: $0.58

Take Profit: $0.66

Stop Loss: $0.46

Risk/Reward: 0.69

Conclusion 

XRP’s price has been witnessing strong bullish momentum. The coin is currently close to testing its immediate resistance and if this does happen in the coming 24-hour period, traders can expect the price to head towards the $0.68 price level. This was a price point last seen a few days ago before XRP underwent a minor correction. However, if a trend reversal were to take place then the support at $0.43 will help reduce the coin’s fall.


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Published at Sun, 28 Mar 2021 20:05:59 +0000

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