XRP Carries an Unstable Price Recovery; Barriers Above $0.16 Grab Attention
The absolute mayhem currently present in the market is keeping mostly every investor in turmoil, and now it is getting difficult to predict when is this going to end. If we have a look at the overall crypto market’s capitalization, it clearly shows that all the gains acquired since the start of 2020 have been washed out and the chain of losses is still not considering any pause.
The last few days’ price actions of Bitcoin depict how the market is getting more and more uncertain these days. Till the day before yesterday, BTC price was hustling to stay above $6000 after it slipped below $4000 around 10 days ago. Yesterday, it steeply fell below $5900 in the first half and now it is rallying above $6000 again.
Ripple Price Prediction
XRP coin has traced a bit similar path while remaining in the narrow price range of $0.17 to $0.14 over the last 5 days. Till March 20, the price kept its rebound sustained and reached above $0.1744 where it faced rejections.
Strong pullback took the Ripple price slightly below $0.15, and since then, support levels below $0.15 have been tested twice. Prices above 50% fib level come across as potential resistance levels. The currency has already faced rejection at $0.16 yesterday; the same level has been tested today too though bears are keeping the coin a little away from $0.16 for now.
In the latter half of yesterday, XRP price has formed a rising pattern that seems to be heading towards a bearish breakout. Also, the moving averages are in bearish phase as the 50-day SMA line is below the 200-day SMA line.
Related: Check our XRP Predictions
The MACD indicator is above the zero-line in the histogram but with its signal line on the upside. However, RSI appears stable at 54 here.
Yesterday, till 12:00:00 UTC, Ripple price kept consolidating at $0.14 (its crucial support level). After that, it sharply escalated and reached $0.16 with a hike of 8.03%. The XRP coin closed on a bullish note, and today, it has also traced a few closes above $0.1620.
However, in the last one hour, the currency has witnessed bearish pullback as it dropped below $0.1590. Here, the Bollinger bands have opened up showing a possibility of downside volatility while the coin has broken the bullish trendline. Notably, the coin is still above the 200-EMA line with a mild positive bias. All in all, amid ups and downs, the XRP is recovering at a slow pace.
